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London’s Mayor Assures of the Strong Regulations Despite Brexit

Bankers in the UK are looking towards the leniency in regulations and tax cuts due to Brexit. However, the UK’s financial service industry’s ambassador has confirmed that they will be faced with disappointment. 

Lord Mayor of London, William Russell, has underlined the significance of the regulation. He has also encouraged London to embrace technological growth such as FinTech. 

Russell said, “This emphatically does not mean pushing for sweeping deregulation and tax cuts. High regulatory standards are one of our biggest advantages, and can continue to support innovation in areas like fintech and green finance.”

Russell is always cautious to change anything in Britain’s financial rulebook since the country’s split from the European Union. Barclays Plc’s Chief Executive Officer, Jes Staley, said that deregulation isn’t the answer. In order to maintain competitiveness as London being a global financial centre, regulations are important.

Boris Johnson’s government has laid the groundwork to overhaul regulations of the different industries, especially those who have been absent from the U.K’s trade with the European Union. The sector has been recognized as a significant pillar of the British economy and has generated a record of 75.6 billion pounds in tax. 

The City’s Lord Mayor’s role is more ceremonial and it keeps on changing hands yearly. Russe is a former investment banker who has been serving his second due to the COVID-19 pandemic. He is set to support Bank of England’s Governor Andrew Bailey for the strengthened regulations despite the country’s break-up from the European Union.