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City of London

Kwarteng Vows ‘Big Bang 2’ Reforms to Boost City of London

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Kwasi Kwarteng
Kwasi KwartengPhotographer: Hollie Adams/Bloomberg
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Kwasi Kwarteng, the UK’s new chancellor of the exchequer, said the government will pursue sweeping financial reforms to unleash growth and competitiveness at a meeting Wednesday with industry leaders.

The aim is to unleash a “Big Bang 2,” Kwarteng said, according to two people with knowledge of the meeting. Kwarteng was referring to the Big Bang deregulation in the 1980s, which enabled the City of London to become a powerful international financial center.