LONDON, May 13 (Reuters) – Britain’s government has committed to updating the law underpinning the ring-fencing regime, which requires banks to separate their retail business from riskier activities such as investment banking.\u00a0<\/p>\n
\n In a document published on Wednesday setting out parliamentary priorities, the government said reforms to the regime, to be included in a new Enhancing Financial Services Bill, would unlock more finance for UK businesses.<\/p>\n
\n “Improved competition in small and medium-sized enterprises’ (SME) lending will help small businesses access finance,” the government said.<\/p>\n
\n Britain’s finance minister Rachel Reeves last year promised “meaningful” reforms to ring-fencing, part of government efforts to slash red tape to boost economic growth.<\/p>\n
\n The rules kick in for banks with more than 35 billion pounds ($46.1 billion) in retail deposits and cover Lloyds , NatWest , HSBC, Barclays and Santander UK.<\/p>\n
\n Britain’s finance ministry and the Bank of England did not immediately respond to a request for more detail on the proposal, although a source at a large UK bank said they understood it to mean legislation that would permit essential back-office functions to be shared between the ring-fenced and trading bank – which is prohibited under existing rules.<\/p>\n
(Reporting by Phoebe Seers and Muvija M; Editing by Toby Chopra and Hugh Lawson)<\/p>\n","protected":false},"excerpt":{"rendered":"LONDON, May 13 (Reuters) – Britain’s government has committed to updating the law underpinning the ring-fencing regime, which…\n","protected":false},"author":2,"featured_media":35405,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[13,160],"class_list":{"0":"post-35404","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-britain","8":"tag-britain","9":"tag-markets"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116567176886552974","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/35404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=35404"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/35404\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/35405"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=35404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=35404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=35404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}