UK city minister resigns, raising questions over pace of reform

John Glen, local MP for Salisbury and South Wiltshire, speaks to the media in Salisbury, Britain April 3, 2018. REUTERS/Hannah McKay

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LONDON, July 6 (Reuters) – Britain’s Financial Services Minister John Glen resigned on Wednesday in protest against Prime Minister Boris Johnson, days before the government unveiled a bill to “reset” the post financial sector. -Brexit.

“I can no longer reconcile my commitment to the role and the financial services sector with the complete lack of confidence in your continued leadership of our country,” Glen said in his letter to the Prime Minister.

His resignation comes after Finance Minister Rishi Sunak and Health Secretary Sajid Javid both announced their abrupt departures late on Tuesday.

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Britain’s financial sector, one of its biggest tax industries, was largely cut off from the European Union after Brexit, with banks and insurers now lobbying the government to boost the City of London’s global competitiveness.

Glen, who has often joked that he is Britain’s longest-serving city minister, was first appointed in January 2018.

He has undertaken more than 30 public consultations and reviews on post-Brexit financial reforms.

The sector has long urged the government to step up the pace of reforms, the timing of which is now challenged by political uncertainty.

Sunak was due to deliver a speech at the Mansion House in the City on July 19 to set out a new financial services law to loosen rules on insurers, capital markets and further encourage retail investment by leveraging post-Brexit British “freedoms” to write his own. regulations.

Glen said last week that the bill would mark a new era for financial services in Britain. Read more

The Department of Finance had no immediate comment on whether plans to introduce a new financial services bill this month would go ahead under new UK finance minister Nadim Zahawi.

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Reporting by William James and Huw Jones, Writing by Muvija M, Alexandra Hudson

Our standards: The Thomson Reuters Trust Principles.

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