The government has confirmed its plans to push through with the financial services bill, which will include an ‘intervention power’ to overrule the UK’s financial regulators, such as the Bank of England.
Despite of concerns among regulators that the proposal could harm the City, new prime minister Rishi Sunak, who first proposed the measure while chancellor, has told the Treasury that he wants to move forward. The Treasury said: "We have confirmed our intention to bring forward an amendment to the financial services bill, to include an ‘intervention power', that will enable the Treasury to direct a regulator to make, amend or revoke rules where there are matters of significant public interest." Sunak had previously set out his approach in a "Brexit manifesto", talking of a "Big Bang 2...
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