City minister Andrew Griffith has said the government will be taking a "pragmatic approach" to axing former EU financial services rules for London and take advantage of "select opportunities" from Brexit, in another sign that the Treasury is slowing the pace of its ambitious rule-cutting agenda.

"I don’t seek divergence for divergence’s sake — why would you — generally the UK benefits from its open capital markets," Griffith told the Financial Times Global Banking Summit. "We remain committed to the highest standards in regulation."