UK WILL EASE FINANCE SECTOR RULES TO BOOST INVESTMENT POST-BREXIT

Britain set out plans on Thursday to ease key banking and insurance rules in the latest attempt to boost its vital financial sector following the country's departure from the European Union. Brexit has cut off Britain's finance industry, which accounts for about 12% of UK economic output, from much of the EU and sector officials want the government to speed up reforms to help it remain globally competitive.

London's financial hub also faces tough competition from New York in company listings, and a survey on Thursday showed Singapore is now almost neck-and-neck with the British capital in global financial centre rankings. Continuing with the "Edinburgh Reforms" outlined in December, the finance ministry set out a public consultation on proposed secondary legislation to implement recommendations made in a review conducted by a panel led by Keith Skeoch, a former investment fund boss.

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