UK's new finance reforms part of a 20-year plan to be 'world's next Silicon Valley,' minister says

Sweeping reforms to U.K.'s financial services sector should mark the first stage in a 20-year plan for Britain to become the next Silicon Valley, Finance Minister Jeremy Hunt said Friday.

Speaking shortly after the regulatory overhaul was announced, Hunt said the plans would improve the country's global competitiveness, attract investment and further the government's vision for Britain as an innovation hub. "The guiding purpose of this is to make the U.K. the most competitive place in Europe, one of the most competitive places in the whole world," he added.The finance minister was speaking from Edinburgh, Scotland, where earlier Friday he unveiled an extensive overhaul of the U.K.'s financial regulation system.includes a relaxation of the rule that requires banks to separate their retail operations from their investment arms.

"With new objectives for regulators to promote the 'international competitiveness' and growth of the financial services sector, we are likely seeing only the beginning of a race to the bottom on standards," Boait said.The reforms have been touted by the government as a post-Brexit overhaul of EU laws that "choke off growth."

Yes, with higher taxes.

Lol. Might as well throw money into a dumpster.

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