There has been a huge shakeup in banking UK banking laws this week. The measure aims to tackle the fallout from the Brexit vote and ensure that investors stay in the UK.
Head of the Bank of England, Mark Carney said on Monday that “this will be one of the largest banking overhauls of the 21st century and it will be implemented to ensure that the UK doesn’t lose its place at the top of the world’s financial table.”
The new laws will also open up opportunities for new investors to start their businesses in the UK and will provide a safety net for first-time entrepreneurs.
Last week, UK Prime Minister and First Lord of the Treasury, Theresa May announced the plans in Prime Minister’s Questions, saying that the government would be taking measures in the coming weeks to ensure that the Brexit transition went as smoothly as possible and will little risk to trade and investment.
The move has already been welcomed by politicians globally, and with Donald Trump’s UK visit scheduled for next month, it looks likely that the new laws will be a key talking point for the two leaders.