Majority of Brits want government to focus on financial stability post-Brexit

Opinium has found 91% of UK citizens want the government to focus on the future stability of the financial system rather than to promote international competitiveness post-Brexit.

The research was commissioned by a collaboration of 37 charities and public interest groups and including notable names such as former Liberal Democrat leader Vince Cable.

City A.M noted that the government is currently undertaking the introduction of a package of measures to shed retained EU financial services regulations later this year, with the capital requirement on insurance firms set to be relaxed.

However, nine-in-ten Brits have said they would rather see the government focus on financial stability long-term instead of focusing on being internationally competitive.

The charity and public interest group alliance is today sending its submission to the Treasury’s consultation into post-Brexit financial services regulation alterations.

According to City A.M, Cable and the groups have called on the government to ensure the Financial Conduct Authority’s objectives are not changed to promote the global competitiveness of the city out of fears that the regulation could ‘act as a cheerleader’ for the industry.

A spokesperson for the Treasury said, “The way financial services is regulated is crucial to the future strength of the UK as a global financial centre. Maintaining financial stability, consumer protection and a sound financial system is, and will remain, central to that.

“But we also want regulation that supports growth, which is why we are proposing the FCA and Prudential Regulatory Authority also advance the long-term growth and international competitiveness of the UK economy as a secondary objective and consider the government’s commitment to achieve net zero in their regulations”

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