The old saying the devil is in the detail springs to mind when mulling over City Minister Andrew Griffith and chancellor Jeremy Hunt’s package of self-proclaimed 80s-style revolutionary reforms to boost the City’s global competitiveness post-Brexit.
There is just one small problem underpinning December's political rhetoric: hardly any of the measures are Brexit-related. Those that are very much fall under the classic kick things into the long grass ‘review' category. Take the headline measure - a consultation plan to increase the ringfencing threshold between retail and wholesale banking from £25bn to £35bn for smaller banks. Ringfencing, which came into force post the 2008 financial crash, ensures that core retail banking activity cannot be intertwined with wholesale investment banking activities. UK food inflation hits 13...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
