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The UK government is set to announce a package on Friday aimed at boosting growth in financial services and the City of London, according to people familiar with the plans.
The Treasury is in the process of finalizing the package and has penciled in the weekend for an announcement, pending sign-off from the Cabinet, one of the people said.
City Minister Andrew Griffiths was expected to unveil the reforms, which the government will introduce before Christmas, to secure new opportunities from Brexit by scrapping unnecessary regulations. Key to this is a plan to replicate the “Big Bang” wave of deregulation in the city in 1986.
It is unclear how radical any changes to the rules might be or how much of a difference they would make to London’s competitiveness.
Two policies that have so far held back are the banker bonus cap and the repeal of adjustments to the ring-fencing regime. But scrapping the bonus cap is a legal and human resources minefield while plans to partially ease the banks’ ring-fencing may not go as well as some firms had hoped.
Listen: New city ‘Big Bang’ sounds like a little whimper
–With assistance from Catherine Griffiths.
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