UK will seize ‘benefits of Brexit’ by revoking EU laws: finance minister
Published: Jul 20, 2022 08:59 PM
Britain's new finance minister on Tuesday set out how Britain would seize the "benefits of Brexit" by revoking EU laws, despite fears in some quarters over excessive deregulation in London.

Andrew Bailey, the governor of the Bank of England, meanwhile said that in the battle to control inflation, next month's meeting on interest rates would not rule out a 50 basis point increase.

Nadhim Zahawi set out his plans in his first major speech as Chancellor of the Exchequer, at the annual Mansion House speech in the capital.

"The British people can rest assured that we are getting on and delivering the benefits of Brexit," he said.

Zahawi, who replaced Rishi Sunak as finance minister earlier this month, set out his plans to "unleash growth across our financial services sector" and "unlock tens of billions of pounds of investment into the UK economy."

The government announced it would set out planned legislation to "repeal hundreds of pieces of EU retained law" governing the finance sector.

They would be replaced with "an agile and coherent regime fit for the UK," a finance ministry statement said. 

"Consumers will remain protected, with legislation ensuring that victims of scams can be compensated while also acting to protect access to cash for the millions of people that rely on it," said Zahawi.

The governor of the Bank of England set out his vision of monetary policy in his own speech at the Mansion House.

"We are not doomed, far from it," said Bailey. "But we are in difficult times."

From a monetary perspective, the challenge of inflation was the largest in a quarter of a century, he said.

But he insisted, "Let me be quite clear, there are no ifs or buts in our commitment to the 2 percent inflation target. That's our job, and that's what we will do."

And "a 50 basis point increase will be among the choices on the table when we next meet," he added.

The chancellor's Mansion House speech, given at the official residence of the Lord Mayor of the City of London, is habitually used by Britain's finance ministers to set out major policy statements.