Jonathan Hill’s argument for the creation of a new Office for Financial Regulatory Accountability (Opinion, March 2) is a persuasive one. Indeed, the financial services bill currently passing through parliament should spark a wider debate on what Britain’s businesses require from the UK’s regulatory frameworks in order to thrive in a post-Brexit world.
Yet since the completion of Brexit, the prevailing political attitude towards regulation has been decidedly cavalier, with the government seeking to “break free” of EU rules at pace. The retained EU law bill, which defaults to removing EU laws from the British statute book by the end of 2023, epitomises this reckless approach. Where is the constituency for such policy? It is certainly not the business community.
Businesses need the opposite. Careful, considered analysis of what regulation should go and what should remain — deliberated in close consultation with the businesses that need to operate within these frameworks — is what the UK needs now.
This year, the London Chamber of Commerce and Industry, in collaboration with the BCC, launched a review of financial services regulation. Though still at an early stage, one thing is clear to the London business community: rushing regulatory reform will be a drag on performance, not an accelerant.
Richard Burge
Chief Executive, London Chamber of Commerce & Industry, London EC4, UK
