Popular
This Tool Could Change Your Options Trading Forever
Four Symbols, One Big Message: What the Charts...
30 Dow Stocks in 20 Minutes: Joe Rabil’s...
Simpler Charts, Better Results? Use This Trick to...
Barrick Mulls Canadian Exit as Mali Gold Tensions...
Apple, MP Materials Ink US$500 Million Deal to...
Silver Price Update: Q2 2025 in Review
Juggernaut Closes $1,000,000 $0.64 Unit Private Placement Financing
Finlay Minerals Announces Increased Budget for PIL and...
Tech Takes the Spotlight Again—Are You Watching These...
  • Home
HotInvestingPilots.com
  • Politics
  • World News
  • Stock
  • Investing
World News

Economists sound the alarm over UK’s post-Brexit finance plans

by May 16, 2022
written by May 16, 2022

LONDON — More than 50 economists warned on Monday that Britain’s post-Brexit plans to boost the competitiveness of its huge finance industry risked creating the kind of problems that led to the global financial crisis. 

The government, seeking to use its “Brexit freedoms”, announced this month that it would require regulators to help the City of London to remain a global financial center after the country left the European Union. 

The group of 58 economists, including a Nobel Prize winner and former business minister Vince Cable, said making competitiveness an objective could turn regulators into cheerleaders for banks and lead to poor policymaking. 

It also raised the risk of hurting the real economy as the finance sector sucks in a disproportionate share of talent, they said in an open letter to finance minister Rishi Sunak. 

“The UK instead needs clear regulatory objectives that promote economy-wide productivity, growth and market integrity, and also protect consumers and taxpayers, advance the fight against climate change and tackle dirty money to protect our collective security,” the letter said. 

Britain’s financial services minister, John Glen, has said the new competitiveness objective for the Bank of England and the Financial Conduct Authority would be secondary to keeping markets, consumers and companies safe and sound. 

Banks have sought more focus on competitiveness than proposed, but the government has faced push-back from the BoE which has warned against a return to the “light touch” era that ended with lenders being bailed out during the financial crisis. 

The signatories of the open letter included Cable, a former leader of the centrist Liberal Democrats, Mick McAteer, a former FCA board member, and Nobel Prize-winning economist Joseph Stiglitz. — Reuters 

0 comment
0
FacebookTwitterPinterestEmail

previous post
Bill Gates Says Adults Over 50 Will Probably Have to Get Covid Boosters Every 6 Months… Until We Get Better Vaccines (VIDEO)
next post
New Zealand targets EVs, industry with new $2.8B climate response fund

Related Articles

At least four killed and many ‘kidnapped’ in...

July 10, 2025

Universities threatened with funding cuts under proposed plan...

July 10, 2025

A piece of the illegally felled Sycamore Gap...

July 10, 2025

EU’s von der Leyen survives parliament confidence vote...

July 10, 2025

Critics slam Mexico’s gentrification protests as xenophobic. Activists...

July 10, 2025

A torpedoed US Navy ship escaped the Pacific...

July 9, 2025

Germany accuses China of laser targeting aircraft in...

July 9, 2025

More than 200 children found with high lead...

July 9, 2025

Russia launches record drone attack on Ukraine after...

July 9, 2025

Desperate Gaza doctors cram several babies into one...

July 9, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

Recent Posts

  • This Tool Could Change Your Options Trading Forever

    July 17, 2025
  • Four Symbols, One Big Message: What the Charts are Telling Us

    July 17, 2025
  • 30 Dow Stocks in 20 Minutes: Joe Rabil’s Mid-Year Technical Check

    July 17, 2025
  • Simpler Charts, Better Results? Use This Trick to Trade Smarter With Less

    July 17, 2025
  • Barrick Mulls Canadian Exit as Mali Gold Tensions Escalate

    July 17, 2025
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 hotinvestingpilots.com | All Rights Reserved

HotInvestingPilots.com
  • Politics
  • World News
  • Stock
  • Investing