Published by maria gbaf
Posted on September 8, 2021
1 min readLast updated: February 12, 2026
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LONDON (Reuters) – Steps being taken to improve the competitiveness of Britain’s financial sector will not translate into deregulation or radical changes, financial services minister John Glen said on Tuesday.
“It won’t be about deregulation and looking to a race to the bottom as perhaps some anticipated,” Glen told a TheCityUK event.
The finance ministry is reviewing a surcharge on banking profits in light of a separate move to raise the United Kingdom’s general corporate tax rate.
The ministry has yet to announce the outcome of its review, but Glen said there was a recognition that Britain needs to be competitive.
Britain has set out potential reforms to improve efficiency and cut costs in capital markets now it has a free hand to set its own financial rules after the country’s full departure from the European Union last December.
Glen said it was his sense that people were looking for “modest, incremental changes, rather than radical change”.
(Reporting by Huw Jones; Editing by Jon Boyle and Emelia Sithole-Matarise)
No, UK financial services minister John Glen emphasized that steps to improve competitiveness will not lead to deregulation or a race to the bottom.
The finance ministry is reviewing a surcharge on banking profits, especially in light of an increase in the UK's general corporate tax rate.
Glen indicated that there is a demand for modest, incremental changes rather than radical reforms in the financial sector.
Britain is exploring potential reforms aimed at improving efficiency and reducing costs in capital markets following its departure from the EU.
There is a recognition that Britain needs to be competitive, but this will not come at the expense of deregulation, according to Glen.
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