Britain's financial services minister John Glen resigned on Wednesday in protest against Prime Minister Boris Johnson, just days before the government is due to unveil a draft law to "reset" a post-Brexit financial sector.
"I
can no longer reconcile my commitment to the role and to the financial
services sector with the complete lack of confidence in your continuing
leadership of our country," Glen said in his letter to the prime
minister.
His
resignation comes after finance minister Rishi Sunak and health
secretary Sajid Javid both announced their departures abruptly late on
Tuesday.
Britain's
financial sector, one of its most important tax-raising industries, was
largely cut off from the European Union after Brexit, with banks and
insurers now piling pressure on the government to buttress the City of
London's global competitiveness.
Glen, who often joked he was Britain's longest serving City minister, was first appointed in January 2018.
He has undertaken over 30 public consultations and reviews on post-Brexit financial reforms.
The
sector has long urged the government to speed up the pace of reform,
whose timing is now thrown into doubt by political uncertainty.
Sunak
was due on July 19 in a speech at the Mansion House in the City to set
out a new financial services law to ease rules on insurers, capital
markets and encourage more retail investing by exploiting Britain's
post-Brexit "freedoms" to write its own regulations.
Reuters
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