Why London’s Brexit ‘Big Bang’ Won’t Be Such a Blast: QuickTake

Advocates of Britain’s exit from the European Union said its economy would flourish if businesses were freed from the burden of unnecessary rules and regulations. Their most prized target was the City of London, with ministers promising to replicate the “Big Bang” reforms of 1986 that turned the district into a global financial hub. Yet banks, brokerages and insurance firms proved reluctant to embrace a sudden wave of deregulation just as the economy falls into a recession. A package of measures unveiled in December was more evolution than revolution, although it still represented the biggest regulatory overhaul in decades.

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