Britain aspires to a second Big Bang in financial services such as the one famously unleashed by Margaret Thatcher in the 1980s. But the point of a Big Bang is that it only happens once.
Earlier this month, chancellor Jeremy Hunt unveiled the so-called Edinburgh Reforms, an ambitious loosening of financial regulations aimed at restoring some of the international competitiveness lost by the UK in recent years. This includes easing the ring-fencing separating retail and investment banking, scrapping the cap on bankers’ bonuses,...
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