The government, seeking to use its “Brexit freedoms”, announced this month that it would require regulators to help the City of London to remain a global financial center after the country left the European Union.
It also raised the risk of hurting the real economy as the finance sector sucks in a disproportionate share of talent, they said in an open letter to finance minister Rishi Sunak. Britain’s financial services minister, John Glen, has said the new competitiveness objective for the Bank of England and the Financial Conduct Authority would be secondary to keeping markets, consumers and companies safe and sound.
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