UK finance minister Jeremy Hunt will formally set out plans to reform the UK financial sector at a meeting with officials in Edinburgh. File Picture: REUTERS/HENRY NICHOLLS
Leaving the EU allows Britain to write its own rules, but as it hosts scores of international banks, it has little room to diverge radically from international norms. But the emphasis has shifted to reviewing and tweaking rules while remaining aligned with global standards, rather than any wholesale dismantling of regulations.
“It is important for people not to overplay this — there is no sense of any move back to a pre-financial crisis world,” said Jonathan Herbst, a lawyer at Norton Rose Fulbright.
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