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City of London

UK Government Races to Publish Overhaul of New Financial Rules

  • Publication needs to be by the end of next week or face delay
  • The rules are aimed at boosting the country’s competitiveness
St. Paul's Cathedral in the square-mile financial district of the City of London, UK.

St. Paul's Cathedral in the square-mile financial district of the City of London, UK.

Photographer: Hollie Adams/Bloomberg

The UK government is rushing to show its plans to boost the City of London by publishing new financial services draft legislation next week despite turmoil at the top of the Conservative party.

Nadhim Zahawi, who was appointed chancellor last week when Rishi Sunak quit, wants to press ahead with the publication of the Financial Services and Markets Bill before Parliament’s summer recess that starts on July 22, according to people briefed on the matter. The move is an attempt to show the government is translating the 2016 Brexit vote into benefits for British businesses.