Chancellor of the Exchequer Jeremy Hunt said that now is the right time to review regulations around ring-fencing and will announce reforms later this year.
Giving evidence to the Treasury Select Committee on the Spring Budget, Hunt was asked by Labour MP Rushanara Ali if there were any plans to remove ring-fencing now or in the future. The regulations came into effect in 2019 as a product of the banking crisis in 2008, requiring the largest banking groups' to separate core retail banking services from activities such as investment and international banking. Ten key takeaways from the 2023 Spring Budget According to the Bank of England: "Ring-fencing is a key part of the government's package of banking reforms designed to increase the ...
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