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The Guardian - UK
The Guardian - UK
Business
Joanna Partridge and Kalyeena Makortoff

UK plans to relax ringfencing rules on banks to spark Brexit ‘big bang’

Office buildings in the City of London loom over the River Thames in September 2022 in London, England.
The UK government would like another big bang for the City of London after the 1986 deregulation reshaped the capital’s financial sector into a global hub. Photograph: Carl Court/Getty

Ministers are considering relaxing rules brought in to stabilise the banking system after the credit crunch, as part of government plans to deregulate the City of London and spark a post-Brexit second big bang for financial services.

The ringfencing regulations, introduced unilaterally by the UK in the wake of the 2008 global financial crisis, require lenders to separate their high street operations from other activities such as investment banking or international operations.

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