There are many steps being taken to improve the competitiveness of Britain’s financial sector. Those steps will not translate into deregulation or radical changes. This is stated by the financial services minister John Glen said in a press meet. Glen told in the city UK event that it will not be about deregulation. This is by looking to a race to the bottom as perhaps some anticipated.
The finance ministry is reviewing a surcharge on banking profits. And that too in the light of a separate move to raise the United Kingdom’s general corporate tax rate. The ministry has yet to announce the outcome of its review. But according to Glen there was a recognition that says that the Britain needs to be competitive.
In the meanwhile, many potential reforms had been set out by the Britain. This is to improve the efficiency and cut costs in capital markets. And now it has a free hand to set its own financial rules. This is from last December, after which the country’s full departure from the European Union. Glen stated that it was his sense that people were looking for modest, incremental changes, rather than radical change.