UK banking regulation undergoes biggest shake-up in over 30 years
He claims that this package of over 30 reforms will “cut red tape” and “stimulate growth”.
The rules that required banks to legally separate retail banking from riskier investment operations will be reviewed.
They were introduced after the 2008 financial crisis, when some banks were threatened with collapse. The package of changes, the ‘Edinburgh reforms’, is presented as an example of the post-Brexit freedom to tailor regulation specifically to the needs and strengths of the UK economy.
However, critics say he risks forgetting the lessons of the financial crisis.
Between 2007 and 2009, the then Labour government spent £137 billion of public money to bail out the banks.