Rishi Sunak plots bonfire of red tape as he assembles top team for Brexit finance boost

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The Chancellor has asked lawyers from Hogan Lovells to advise him on reforms in the financial sector. He is eager to scrap red tape that prevents more businesses around the world from doing trade in London.

It is understood that among the areas being looked at is the so-called “overseas person exclusion”.

It allows UK firms to use the services of overseas companies and visa versa without the need for authorisation by the Financial Conduct Authority.

However, businesses have asked the Treasury to look at the details of the rules, accusing them of being overly complicated according to The Telegraph.

Ministers have vowed to make slashing EU regulation a priority.

They believe freeing firms from the burden of paperwork will help boost Britain’s economy and attract businesses from around the world.

The Government believes EU rules have for years held back the City, while europhiles claim the UK’s exit from the bloc will lead to the demise of Britain’s place as a financial trading hub.

Last week a global financial centres index published by think tank Z/Yen Group found London remained Europe’s dominant financial centre.

It came second only to New York out of the world’s top 126 finance hubs.

Mr Sunak, who voted to leave the EU in 2016, has set his sights on post-Brexit finance reform to rival Margaret Thatcher’s record.

In 1986, Ms Thatcher introduced the sudden deregulation of the London stock exchange, known as the “Big Bang”.

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It accelerated London’s position as an international financial centre and led to a boom in growth.

The Chancellor wants to be responsible for what he has referred to before as “Big Bang 2.0” as he changes Brexit rules.

“I think we always should be looking forward and figuring out what can we do differently? How can we turn things into opportunities?,” he said in an interview last year.

He said he wants to make the UK “the most dynamic place to do financial services anywhere in the world”.

The Chancellor added: “Regulation is important, of course, as is timezone, as is language.

“All of those things are important.

“But what is probably more important is the culture and creativity of our people.

“And no document can take that away from us. I feel very confident, and very excited, about the future of the City of London and financial services in general.”

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