Economists sound the alarm over UK’s post-Brexit finance plans - BusinessWorld Online

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More than 50 economists warned on Monday that Britain’s post-Brexit plans to boost the competitiveness of its huge finance industry risked creating the kind of problems that led to the global financial crisis.

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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