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UK Insurers, Banks Hope for Substantive Financial Services Reforms in 2023

December 22, 2022

After a jarring six months marked by sweeping policy promises, U-turns and four Chancellors of the Exchequer, UK financiers head into 2023 uncertain that the coming year will finally usher in substantive reforms to the City of London.

Current Chancellor Jeremy Hunt promised in this month’s Edinburgh Reforms to “turbocharge growth” for the country’s banks, insurers and asset managers. But his program replaced more ambitious plans for a Big Bang 2, a reference to Margaret Thatcher’s revolutionary 1980s financial deregulation, leaving bankers wondering how radical the government will be this time.

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