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07 July 2022

Bloomberg: Government Chaos Sparks City of London Fears of Yet More Limbo

Leaders driving Brexit finance reform exit in quick succession; Financial Services and Markets Bill due later this month

The resignations of Chancellor Rishi Sunak and John Glen, economic secretary to the Treasury, sent shock-waves across financial firms, while the escalation of ministerial resignations Wednesday triggered questions about how long new appointments including Nadhim Zahawi as chancellor would stay in their posts. 

“Is Sunak’s vision the same as Zahawi’s for financial services? That remains to be seen,” said Miles Celic, chief executive officer of TheCityUK, which represents financial and professional services firms. 

The departures of Sunak and Glen threaten to delay several efforts by the UK to reshape financial regulation now it is outside the European Union. The government has planned reforms of insurance solvency rules and said it would open up small investor access to private equity. Prime minster Boris Johnson has also recently promised a review of mortgage rules. 

Industry lobbying groups were busy Wednesday crafting communications to new cabinet members, including Zahawi, laying out key policies they hope aren’t lost among the political chaos. ...

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