simonjack reports. october 1986, the so called big bang, widespread financial deregulation in the uk, which ushered in an era of buccaneering risk taking free wheeling. but in 2008, the wheels spectacularly came off. banks around the world went bust, requiring tens of billions of taxpayer funded rescues. tough rules to stop that happening again are now being reviewed or binned. the banks have become much healthier financially since 2008. we ve put in place a process so that financial issues can be resolved, which we didn t have before. but on that basis, we also want to make sure they can compete with other financial centres, whether it s the united states or asia. among 30 reforms announced today were plans to reconsider which banks really need to separate or ring fence their retail operations from their riskier investment divisions, review rules on approving or punishing individual senior executives, which have delayed or scared off hires from abroad,
the uk s financial sector, relaxing some of the safeguards imposed after the 2008 financial crisis. he says the reforms will cut red tape and boost growth but critics say his plan risks forgetting the lessons of the past. our business editor, simonjack reports. october 1986, the so called big bang, widespread financial deregulation in the uk, which ushered in an era of buccaneering, risk taking freewheeling. but in 2008, the wheels spectacularly came off, banks around the world went bust, requiring tens of billions of taxpayer funded rescues. tough rules to stop that happening again are now being reviewed or binned. the banks have become much healthier financially since 2008, we ve put in place a process so that financial issues can be resolved which we didn t have before, but on that basis, we also want to make sure that they can compete with other financial centres, whether it s the united states or asia. among 30 reforms
happening again are now being reviewed or binned. the banks have become much healthier financially since 2008, we ve put in place a process so that financial issues can be resolved which we didn t have before, but on that basis, we also want to make sure that they can compete with other financial centres, whether it s the united states or asia. among 30 reforms announced today were plans to reconsider which banks really need to separate or ring fence their retail operations from their riskier investment divisions, review rules on approving or punishing individual senior executives which have delayed or scared off hires from abroad, and these reforms come on top of measures already announced to scrap an eu wide cap on bankers bonuses and allow pension funds to invest more in long term, harder to sell and therefore riskier assets to help fund the government s levelling up projects. global banking chiefs said the uk needed to move with the times to compete
world. ~ ., , , the most competitive hubs in the world. ~ ., , ., world. we ve learned the lessons of that crash and world. we ve learned the lessons of that crash and put world. we ve learned the lessons of that crash and put in world. we ve learned the lessons of that crash and put in place - that crash and put in place guardrails but the banks have become much healthier financially since 2008 so that financial issues can be resolved which we didn t have before but on that basis, we also want to make sure they compete with other financial centres, whether it s the united states or asia and scotland is in a fantastic place to do that which is why these reforms will make a big difference. we which is why these reforms will make a big difference. a big difference. we can talk more about this now a big difference. we can talk more about this now with a big difference. we can talk more about this now with doctor - a big difference. we can talk more| about this now with doct
financial issues can be resolved which we didn t have before, but on that basis, we also want to make sure that they can compete with other financial centres, whether it s the united states or asia. among 30 reforms announced today were plans to reconsider which banks really need to separate or ring fence their retail operations from their riskier investment divisions, review rules on approving or punishing individual senior executives which have delayed or scared off hires from abroad, and these reforms come on top of measures already announced to scrap an eu wide cap on bankers bonuses and allow pension funds to invest more in long term, harder to sell and therefore riskier assets to help fund the government s levelling up projects. global banking chiefs said the uk needed to move with the times to compete with other financial centres. london should not in any way take for granted its kind of preeminence and its dominance, so, any reform that is pro growth, which looks at a vision f