Chancellor Nadhim Zahawi confirmed that the government is considering call-in powers to intervene when it disagrees with financial regulator decisions.

Zahawi told the Mansion House dinner of elite financiers that "the most significant piece of financial services legislation for over a decade" would be introduced on 20 July — a wide-ranging Financial Services and Markets Bill that will "increase regulators' accountability" as the government looks to axe vast swathes of former EU rules for the City.