Retreating ambitions
The City wanted equivalence plus and in the end the UK government didn’t even manage to negotiate equivalence. At his Mansion House speech the Chancellor made that clear, his attempts to have UK financial regulations accepted as equivalent to the EU’s have failed.
He then gave a fairly good demonstration of why he failed, by laying out all the rules that would now be lightened, removed, weakened and watered down. Mr Shunak says that these new rules will attract more money and business to the City, but not presumably from the EU.
This is apparently a triumph for Brexit although strangely it is exactly what the City did NOT want. It was ignored before the referendum, during the withdrawal negotiations and now afterwards. It is yet another industry that will have to suck it up and be lectured by the Government on what it really needs and wants.
I wonder what all those companies and industries which refused to put their heads over the battlements in the run up to the referendum, think about their PR strategy now?
https://jonty.substack.com/