Requirement for regulators to help London remain financial centre
The UK's departure from the European Union in March next year has raised concerns among policymakers about the country’s ability to remain a leading world centre.
Banks, insurers and asset managers in Britain are already taking steps to move staff from London to new hubs in Paris, Frankfurt and Dublin to ensure continuity of service to EU customers after Brexit.
The United States is also making itself more attractive to finance by cutting corporate tax and easing banking rules introduced after the financial crisis.
“As the intensity of international competition facing the UK post-Brexit increases, it may become clear that regulators are unduly constrained by their current objectives,” a House of Lords committee said in a report on financial services after Brexit.
Published: by Radio NewsHub