UK to ease financial regulations in post-Brexit shakeup

By JILL LAWLESS
Associated Press

LONDON (AP) — Britain is easing banking rules brought in after the 2008 global financial crisis in a bid to attract investment and secure London’s status as Europe’s leading finance center. Treasury chief Jeremy Hunt said Friday that the changes will make Britain “one of the most open, dynamic and competitive financial services hubs in the world.” The changes include lifting a cap on bankers’ bonuses and easing capital requirements for smaller lenders. The government said it also will relax “ringfencing” rules intended to separate risky investment banking from retail operations. The government says the rule changes will create a “smarter regulatory framework.” Critics say they could reintroduce the kind of risk that led to the 2008 crisis.