This report specifies that this reform package seeks to revitalize the financial sector, attract foreign capital and encourage investment among consumers, with the aim of consolidating the United Kingdom as the main world destination for financial services in 2035.

British Finance Minister Rachel Reeves presented the so-called Leeds Reforms in Leeds (northern England), which she said are the biggest overhaul of the UK’s financial framework in more than a decade.

She said they are fundamentally reforming the regulatory system to make it easier for companies to take calculated risks that will drive growth.

The plan ranges from cutting unnecessary red tape that the industry says is hampering British competitiveness after Brexit (leaving the European Union), to reforming mechanisms created in the wake of the 2008 credit crisis, such as the separation of banking activities.

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