London fights for its future updates
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A wave of UK government reforms designed to make the City of London more attractive after Brexit has already had one unintended consequence: finance industry executives are cancelling summer holidays to deal with the workload.
The sheer volume of consultations meant there was no time for a break this August, said a policy specialist at one large British asset manager. “It is overwhelming at the moment.”
For British politicians keen to take advantage of newfound freedoms and escape what they see as ill-fitting rules dictated by Brussels, the reforms are vital to ensuring London remains competitive as a leading financial hub.
But many big asset managers are sceptical of the rhetoric about cutting red tape, not least because they operate globally and want rules that allow them to continue to access markets with the least cost.
“We don’t see it as a competition between the UK and EU,” said Sheila Nicoll, head of public policy at…
