On 10 June 2015, George Osborne delivered his annual speech as Chancellor of the Exchequer at Mansion House. The Chancellor reaffirmed his commitment to “restoring the Bank of England’s role in the heart of supervision”, ring-fencing retail banking and insisting on “much better capitalised firms”. The Chancellor said that it was in the national interest for Britain to be the best place for European and global bank HQs, alongside a fair deal for the taxpayer and a regulatory system that protects all those who rely on banks.
The Chancellor called for:
- The financial services industry to be the best regulated in the world.
- For London to remain the world’s leading international financial market.
- For more competition, more innovation and more players in retail markets to offer customers a better service.
- To lead the fintech revolution.
- To see even more high quality jobs in finance across the UK including Edinburgh, Birmingham, Belfast, Cardiff and the Northern Powerhouse.
- To establish itself as the pre-eminent Western location for new Asian markets like RMB, Rupees and Islamic finance.
The Chancellor announced that:
- The government will focus on the accountability of individuals, as recommended by the Fair and Effective Markets Review (into the misconduct in fixed income and foreign exchange markets), rather than simply “ratcheting up ever-larger fines that just penalise shareholders, erode capital reserves and diminish the lending potential of the economy”.
- The government will aim to reach a new settlement with the EU, cutting regulation for financial services in the single market.