City Of London
UK Tones Down ‘Big Bang’ Finance Plan to Avoid Backlash
- Ministers expected to stop using Big Bang term, source says
- MiFID research reform may be among measures announced Friday
Andrew Griffith, the City Minister, will unveil a relatively muted package of post-Brexit reforms on Friday to boost the UK’s financial services industry.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
The UK government will move away from talking about a “Big Bang 2” for the City of London, in part a recognition of the fact that changes will be gradual due to their complexity and opposition from critics.
Ministers are expected to stop using the phrase, a reference to dramatic reforms in the 1980s that made London a global financial center, according to a person familiar with the matter. The shift reflects a wish to build support among a broad range of stakeholders and to position growth in financial services as an opportunity for the wider country.