More than 50 economists today warned that Britain’s plans to boost financial competitiveness in the post-Brexit period run the risk of causing problems such as those that led to the global financial crisis.
The government seeking to exploit “Brexit freedoms” announced this month that it would urge regulators to help keep the City of London a global financial center after Britain’s withdrawal from the EU.
The team of 58 economists, including former Business Minister and Nobel laureate Vince Cable, said the goal of boosting competitiveness could turn regulators into ardent supporters of banks leading to the adoption of non-financial policies. reality.
At the same time, there is a risk of a blow to the real economy as the financial sector absorbs a disproportionate amount of talent, economists said in an open letter to Finance Minister Risi Sunak.
“However, the United Kingdom It needs clear targets in its regulations that will promote productivity in a wide range of economies, serve economic growth and market integrity, and also protect consumers and taxpayers, while promoting the fight against climate change, but “and will tackle money laundering to protect our collective security,” the letter said.
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