Just one of a few reasons for Brexit. The City of London is now free from EU regulation. And you know what that means, don't you? Martin Summers put it so eloquently on Not the BCFM Politics Show: the EU makes stuff, we do bank fraud. Lest we forget: the UK is governed by the Venetians. Europe ganged up against Venice in the League of Cambrai, and the Venetians escaped through bribery and financing religious war, to end up in London with their one and only ally, Henry VIII and his offspring.
Notice a pattern? Trump and Brexit lead to slashing of banking regulations? So when do we think the next global financial crisis similar to or even worse than 2007/8 will occur?
The Financial Services Bill was passed through the Commons this evening without the need for a vote. The legislation sets out how the UK intends to regulate the sector outside of the EU and help secure the UK as a global hub for the finance industry.
Speaking in the Commons today, Treasury minister John Glen described the Bill as a chance for Brexit Britain to "take back control of our financial service legislation".
When the Bill was first introduced in October he said it was a chance to "seize new opportunities".
He said: "Now the UK has left the EU, we must ensure we have a regulatory regime that works for the UK and allows us to seize new opportunities in the global economy.
"Following the work we’ve done to prepare for EU exit and ensure a smooth transition to a UK rule book, this Bill is the next step in delivering a regulatory framework that boosts the competitiveness of our world-leading financial services sector and ensures that UK consumers are properly protected.
[source : Watching, Brussels? Boris unleashes City of London as UK finance freed from EU shackles, Daily Express, https://www.express.co.uk/news/politics/1383714/Brexit-latest-news-Boris-Johnson-finance-vote-City-of-London-House-of-Commons-EU-trade, 13th January 2021]
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