Chancellor of the Exchequer Jeremy Hunt is set to unveil over 30 regulatory
reforms to the UK's financial sector, the government has announced.
The Chancellor will set out plans to repeal, and replace, EU retained laws
governing financial services.
Mr Hunt says these reforms will unlock investment and turbocharge growth in towns
and cities across the UK.
The plans included a commitment to make substantial legislative progress over the
course of 2023 on repealing and replacing Solvency II – the rules governing
insurers balance sheets.
As announced in the Autumn Statement, the government will look to announce
changes to EU regulations in four other high growth industries by the end of
2023, including digital technology, life sciences, green industries and advanced
manufacturing.
Chancellor of the Exchequer, Jeremy Hunt said:
'We are committed to securing the UK's status as one of the most open,
dynamic and competitive financial services hubs in the world.
'The Edinburgh Reforms seize on our Brexit freedoms to deliver an agile and
home-grown regulatory regime that works in the interest of British people
and our businesses.'
Internet link: HM Treasury