UK Treasury maps out financial sector reforms

Friday, 09. December 2022 10:22

The United Kingdom Treasury Department on Friday announced a set of financial reforms to be presented to the Parliament in a written statement by Chancellor of the Exchequer Jeremy Hunt.

The regulations, dubbed "Edinburgh Reforms," aim to reform the country's financial services sector, including a review of the ring-fencing accountability in banking, building upon the digital currency bill, unlocking the private financing for UK's Net Zero target, and easing capital prerequisites for smaller lenders.

According to the statement, the approach "recognizes and protects the foundations on which the UK's success as a financial services hub is built: agility, consistently high regulatory standards, and openness."

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Baha Breaking News (BBN) / MX