City minister Bim Afolami has defended the government's flagship financial services reforms one year on, as MPs brand the package a "damp squib".

The Edinburgh Reforms — at one point dubbed Big Bang 2.0 internally — were launched on 9 December 2022. They were a bid to turbocharge the City in the wake of Brexit, and featured 31 different workstreams covering everything from bank ring-fencing rules and prospectus regulation to investment research and fund cost disclosure.