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Brexit

City to Treasury: No bonfire of EU rules please

'Both City and regulators are on a policy journey which will depend as much on what the EU does as on the historic positions of City institutions and the UK authorities'

By

Lucy McNulty

Chancellor of the Exchequer Rishi Sunak, is expected to chair a committee that will work to remove red tape and unnecessary regulation that originated in the EU, from the UK's rules for the financial services sector
Chancellor of the Exchequer Rishi Sunak, is expected to chair a committee that will work to remove red tape and unnecessary regulation that originated in the EU, from the UK's rules for the financial services sector Photo: Getty Images

City executives are pushing back against reports that Chancellor Rishi Sunak plans to launch a government committee focused on removing European red tape from the UK's financial services rulebook.

The new Better Regulation Committee, which will be chaired by Sunak and consist of Treasury officials, follows the UK's transition into Brexit on 31 December.

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