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City of London

UK Leaves City of London Grasping for Clarity on Overrule Power

  • Proposal remains an ‘enigma’ ahead of Nov. 17 statement
  • Treasury may water down power to overrule regulators
Commuters heading into the City of London.

Commuters heading into the City of London.

Photographer: Odd Andersen/AFP/Getty Images

The UK government is rushing to outline a proposed power to overrule the City of London’s financial regulators, as it tries to avoid accusations that the move is an attack on their independence.

The power is due to be added to the government’s financial services and markets bill, but the Treasury has so far not revealed any details. Andrew Griffith, the City minister, last week said it would take longer than expected.