Minister defends reforms to City’s financial rules

The City minister has insisted the government is not on a “deregulatory tear” a day after the Treasury unveiled another set of reforms designed to boost Britain’s financial services industry and bolster the wider economy.

Andrew Griffith, told The Times: “I don’t think we’re putting too much risk in the system.” He said the government was “resetting the pendulum in a very central position” to strike “a better balance” between financial stability and high-quality regulation.

“These are balanced, thoughtful reviews that are being consulted on and worked with the industry,” he said.

The government is revamping rules on the City partly in an effort to defend London’s status as a financial hub, which is threatened by competition from rivals including New York and Amsterdam.

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