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Britain unveils economic reform package

The British Ministry of Finance announced that it has been decided to implement the 30-point package called “Edinburgh reforms” that will reorganize the financial sector.

British Finance Minister Jeremy Hunt announced the reform package aimed at reviving the financial sector.

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In the statement made by the British Ministry of Finance, it was reported that it was decided to put into practice the 30-item “Edinburgh reforms” package that will reorganize the financial sector.

In the statement, it was stated that the aforementioned reforms aimed to revive the growth of the British economy by presenting a more efficient supervisory framework, while it was noted that it was foreseen that the bureaucracy in the financial sector would be significantly reduced.

In the statement of the Ministry, it was stated that with the reform package, it was aimed to get rid of the “burdensome burdens remaining from the European Union (EU) laws”.

In the statement, which stated that the financial sector is of vital importance for the British economy, it was stated that the contribution of the sector to the economy is at the level of 216 billion pounds per year, and 76 billion pounds of tax revenue is obtained from the sector annually.

 

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In the statement, it was noted that with the introduction of new regulations in the sector, which provides employment for a total of 2.3 million people, it is planned to attract investments of approximately 100 billion pounds.

In the statement of the British Ministry of Finance, it was stated that within the reform package, it is planned to revise and stretch the rules that protected the banking system after the financial crisis in 2008 and stipulate the separate structuring of the retail and investment banking branches of large financial institutions.

In the statement, it was also noted that the “Senior Managers and Certification Regime”, which increases their legal responsibilities as a result of possible malpractices of senior bank managers, will also be reviewed. 

In the statement, it was stated that it was aimed to reduce bureaucracy in the financial sector, and it was stated that it would be advised in writing to the Prudential Regulatory Authority (PRA) and the UK Financial Management Authority (FCA) to consider further growth and increasing international competitiveness when making their assessments.

In the British media, comments were made that this reform article would allow the stance of the supervisory institutions to be relaxed regarding the practices of financial institutions.

The British government aims to announce changes to EU regulations in four other fast-growing industries, including digital technology, life sciences, green industries and advanced manufacturing technologies, by the end of next year, the ministry said. 

“We are exercising our freedoms resulting from Brexit”

British Finance Minister Jeremy Hunt, whose evaluations on the reform package were included in the statement, said, “We are determined to preserve the status of the UK as one of the most open, dynamic and competitive financial services centers in the world.”

“With Edinburgh Reforms, we are using our freedoms from Brexit to deliver an agile and local regulatory regime that works in the interests of the British people and our businesses,” said Jeremy Hunt.

“We need the help of good growth and good regulation at the same time, they are two sides of the same coin,” Christopher Michael Hayward, Policy Director of London’s financial center The City of London, told the British broadcaster BBC. .

While the British economy contracted by 0.2 percent in the third quarter of this year, the Bank of England reported that the country had entered recession.

In November this year, food prices in the country increased by 14.6 percent.

Inflation in the UK continued to rise, especially led by energy and food prices, reaching a peak of 41 years with 11.1 percent in October.

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