Rishi Sunak is said to have hired top city attorneys to assist him in cutting bureaucracy post-Brexit in order to unlock Britain’s global potential.
The Chancellor has enlisted the help of Hogan Lovells attorneys to assist him with financial changes. He is keen to cut through the red tape that inhibits more enterprises from doing business in London.
It is known that the so-called “overseas person exclusion” is one of the topics being investigated. It permits UK businesses to utilise the services of foreign businesses and vice versa without the requirement for prior approval from the Financial Conduct Authority.
According to The Telegraph, firms have requested the Treasury to look into the intricacies of the guidelines, accusing them of being unnecessarily convoluted.
Ministers have promised that reducing EU legislation would be a top goal.
They think that relieving companies of bureaucratic burdens would help strengthen the UK economy and attract enterprises from across the globe.
The government says EU restrictions have stifled the City for years, while europhiles argue that Britain’s status as a financial trade powerhouse would be jeopardised if the UK leaves the club.
London remains Europe’s largest financial centre, according to a global financial centres index issued by research tank Z/Yen Group last week.
Of the world’s top 126 financial centres, London is second only to New York.
Mr Sunak, who voted to leave the EU in 2016, is aiming for a post-Brexit financial reform record to surpass Margaret Thatcher’s.
Ms. Thatcher implemented the so-called “Big Bang” deregulation of the London stock market in 1986.
It boosted London’s status as an international financial centre and sparked a growth spurt.