Chancellor promises post-Brexit ‘big bang’ for City in move to ditch EU finance laws

Bank of England uneasy over deregulation plans, as Nadhim Zahawi pledges to ‘unleash growth’

Adam Forrest
Wednesday 20 July 2022 17:38 BST
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Nadhim Zahawi arrives at Treasury following appointment as chancellor

Nadhim Zahawi has promised to repeal hundreds of pieces of EU finance law on UK statute books, part of government push to deregulate the City of London in a post-Brexit “Big Bang”.

The chancellor told the annual Mansion House bankers’ dinner that he wanted to replace Brussels rules with a more “agile approach” to financial regulation.

Mr Zahawi confirmed that the financial services bill will be introduced in parliament on Wednesday – claiming it would “unleash growth” in the banking sector.

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