# Closer U.S. ties would ‘reboot’ UK finance after Brexit, says report Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-04-28 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Reforming UK Financial Rules to 'Reboot' After Meta Description: Britain urged to align with U.S. and global markets for financial 'reboot' after Brexit, with potential to grow capital markets by 40% and close gap URL: https://financedigest.com/closer-u-s-ties-would-reboot-uk-finance-after-brexit-says-reporthtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-04-28t125501z2lynxnpei3r0kcrtroptp4usa-britain-trade-1736815799340-compressed.jpg) By Huw Jones LONDON (Reuters) -Britain should move further and faster in reforming its financial rules to ‘reboot’ after Brexit by aligning with key markets in the United States and elsewhere, a report from two think tanks said on Thursday. Britain has already launched over 30 public consultations, including on reforming insurance rules on Thursday, to keep London a globally competitive financial centre after being largely cut off from the European Union due to Brexit. The debate has moved on from alignment with the EU in exchange for [future access](https://www.financedigest.com/fingerprint-scanners-to-remain-top-selling-accounting-for-over-one-third-of-access-control-demand-in-2021-future-market-insights.html "Fingerprint Scanners to Remain Top-selling, Accounting for Over One-third of Access Control Demand in 2021: Future Market Insights"). Instead, the UK should focus on closer alignment and cooperation with the U.S. and with other markets around the world,” the joint report https://newfinancial.org/report-the-future-of-uk-banking-and-finance from New [Financial in London](https://www.financedigest.com/new-york-holds-top-spot-london-second-in-z-yen-financial-centre-survey.html "New York holds top spot, London second in Z/Yen financial centre survey") and the Atlantic Council in Washington said. [Britain should focus on “low-hanging fruit” such as faster tweaking of inappropriate rules](https://www.financedigest.com/britain-eu-must-use-caution-in-new-online-rules-un.html "Britain, EU must use caution in new online rules – UN") inherited from the EU, but be wary of going above and beyond standards implemented internationally, the report said. [Banks have welcomed draft reforms](https://www.financedigest.com/boes-bailey-says-bank-reforms-worked-but-questions-about-liquidity-buffers.html "BoE’s Bailey says bank reforms worked but questions about liquidity buffers") so far but want a faster pace given that many will need legislation, which takes time. The [report said Britain’s capital markets have the potential to grow by up to 40% if it can close the gap with the United](https://www.financedigest.com/manchester-united-tanks-on-report-glazers-may-avoid-sale-with-new-investment.html "Manchester United tanks on report Glazers may avoid sale with new investment") States, this equates to an additional $75 billion annually. Britain’s [financial services](https://www.financedigest.com/4-ways-high-performance-analytics-powers-financial-services.html "4 ways high-performance analytics powers financial services") minister John Glen told a launch event for the report that he shared its ambition for closer U.S. ties as he [brought in “sweeping reforms” to sharpen London’s](https://www.financedigest.com/london-boroughs-brought-to-life-in-stunning-illustrated-bathroom-designs.html "London Boroughs brought to life in stunning illustrated bathroom designs") competitiveness. There is a real opportunity for us to [work together to shape the international financial](https://www.financedigest.com/turning-a-blind-eye-wont-work-for-financial-firms-as-the-fca-tightens-its-grip.html "TURNING A BLIND EYE WON’T WORK FOR FINANCIAL FIRMS AS THE FCA TIGHTENS ITS GRIP") services regulatory framework,” Glen said. Britain’s “default setting” will be a willingness to welcome new talent, capital and ideas by [offering a range of visas and keeping taxes on banks](https://www.financedigest.com/first-abu-dhabi-bank-could-renew-35-billion-offer-for-stanchart-bloomberg-news.html "First Abu Dhabi Bank could renew billion offer for StanChart -Bloomberg News") fair, he said. There is already a UK-U.S. base to build on with more [dollars traded](https://www.financedigest.com/dollar-firms-in-soft-holiday-trading-outlook-bullish.html "Dollar firms in soft holiday trading, outlook bullish") in London than in New York, the report said. Britain and the United States combined account for over 80% of the global market for [hedge funds](https://www.financedigest.com/what-is-a-hedge-fund.html "What Is A Hedge Fund"), commodity derivatives and interest rate swaps. (Reporting by Huw Jones; Editing by Toby Chopra) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---