BREXIT - Is This Really Still Rumbling On? 😴
Comments
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Shame that Stevo won't be getting a pay rise this year.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits0 -
I know who Andrew Bailey is. However you may want to go to the trouble of explaining your point rather than going all 'Rick' on me.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Supply and demand not your strong point Jezyboy?Jezyboy said:
Shame that Stevo won't be getting a pay rise this year.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
You not following Andrews advice to keep inflation at bay then?0
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There are always worthy exceptions and the market for people like me is very much a sellers market currentlyJezyboy said:You not following Andrews advice to keep inflation at bay then?
If you want, I'll let you know what raise I get? "I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
He is an idiot on a par with Grayling and there are dfinitely people in cake stop whoseopinion I would rate above hisStevo_666 said:
I know who Andrew Bailey is. However you may want to go to the trouble of explaining your point rather than going all 'Rick' on me.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits0 -
I would disagree with you there.surrey_commuter said:
He is an idiot on a par with Grayling and there are dfinitely people in cake stop whoseopinion I would rate above hisStevo_666 said:
I know who Andrew Bailey is. However you may want to go to the trouble of explaining your point rather than going all 'Rick' on me.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits
Note that the view in favour of reforming Solvency ii is also held by the regulator:
https://theinsurer.com/news/boes-bailey-case-for-solvency-ii-reform-is-clear/20989.article
Have you googled the people in the regulator and found them all to idiots as well? Or are you just anti Bailey because of his stance on the EU?"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
I thought you were an accountant not a truck driverStevo_666 said:
There are always worthy exceptions and the market for people like me is very much a sellers market currentlyJezyboy said:You not following Andrews advice to keep inflation at bay then?
If you want, I'll let you know what raise I get?
You can if it makes you feel better about yourself. I'm also doing OK at the moment.0 -
Bailey was head of the FCA. He was a total and utter disaster there and presided over an organisation full of absolute horror stories. He and the senior leaders at the FCA are a bunch of total and utter w@nkers, not fit for purpose.Stevo_666 said:
I know who Andrew Bailey is. However you may want to go to the trouble of explaining your point rather than going all 'Rick' on me.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits
He was rewarded for his failure and incompetence by promotion to being Guvnor of the Bank.
Bit like another disasterous head before him who was rewarded for utter failure with a knighthood, and couldn't cope with a couple of months work in the private sector (Hector Sants).0 -
Why do you gauge everybody by their stance on the EU.Stevo_666 said:
I would disagree with you there.surrey_commuter said:
He is an idiot on a par with Grayling and there are dfinitely people in cake stop whoseopinion I would rate above hisStevo_666 said:
I know who Andrew Bailey is. However you may want to go to the trouble of explaining your point rather than going all 'Rick' on me.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits
Note that the view in favour of reforming Solvency ii is also held by the regulator:
https://theinsurer.com/news/boes-bailey-case-for-solvency-ii-reform-is-clear/20989.article
Have you googled the people in the regulator and found them all to idiots as well? Or are you just anti Bailey because of his stance on the EU?
My belief that Bailey is an idiot pre-dates my knowledge that he was pro-Brexit.
To avoid a lengthy Q&A I will confirm that I think anybody pro-Brexit is an idiot and/or self serving0 -
Jezyboy said:
I thought you were an accountant not a truck driverStevo_666 said:
There are always worthy exceptions and the market for people like me is very much a sellers market currentlyJezyboy said:You not following Andrews advice to keep inflation at bay then?
If you want, I'll let you know what raise I get?
You can if it makes you feel better about yourself. I'm also doing OK at the moment.
Probably the wrong thread but I imagine many people are having a blinding post Covid bounce0 -
Labour market is pretty tight across the board.surrey_commuter said:Jezyboy said:
I thought you were an accountant not a truck driverStevo_666 said:
There are always worthy exceptions and the market for people like me is very much a sellers market currentlyJezyboy said:You not following Andrews advice to keep inflation at bay then?
If you want, I'll let you know what raise I get?
You can if it makes you feel better about yourself. I'm also doing OK at the moment.
Probably the wrong thread but I imagine many people are having a blinding post Covid bounce
Would certainly be long any listed recruiters - it’s absolutely bananas out there. Everyone’s groaning under the weight of work.0 -
Maybe you haven't been recruiting in the tax and treasury markets recently, as I haveJezyboy said:
I thought you were an accountant not a truck driverStevo_666 said:
There are always worthy exceptions and the market for people like me is very much a sellers market currentlyJezyboy said:You not following Andrews advice to keep inflation at bay then?
If you want, I'll let you know what raise I get?
You can if it makes you feel better about yourself. I'm also doing OK at the moment.
I would only mention percentages even though that will probably trigger a bit of leftie bitterness in here. However you seemed to think I wouldn't be getting a raise: I'm pretty comfortable you'll be wrong."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
OK. Now what about the regulatory body that agrees with Bailey?surrey_commuter said:
Why do you gauge everybody by their stance on the EU.Stevo_666 said:
I would disagree with you there.surrey_commuter said:
He is an idiot on a par with Grayling and there are dfinitely people in cake stop whoseopinion I would rate above hisStevo_666 said:
I know who Andrew Bailey is. However you may want to go to the trouble of explaining your point rather than going all 'Rick' on me.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits
Note that the view in favour of reforming Solvency ii is also held by the regulator:
https://theinsurer.com/news/boes-bailey-case-for-solvency-ii-reform-is-clear/20989.article
Have you googled the people in the regulator and found them all to idiots as well? Or are you just anti Bailey because of his stance on the EU?
My belief that Bailey is an idiot pre-dates my knowledge that he was pro-Brexit.
To avoid a lengthy Q&A I will confirm that I think anybody pro-Brexit is an idiot and/or self serving"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Same point to you as I made to SC above. You have your views on him, but on this specific issue the regulatory body is taking the same stance. Just possibly he has a good point?Dorset_Boy said:
Bailey was head of the FCA. He was a total and utter disaster there and presided over an organisation full of absolute horror stories. He and the senior leaders at the FCA are a bunch of total and utter w@nkers, not fit for purpose.Stevo_666 said:
I know who Andrew Bailey is. However you may want to go to the trouble of explaining your point rather than going all 'Rick' on me.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits
He was rewarded for his failure and incompetence by promotion to being Guvnor of the Bank.
Bit like another disasterous head before him who was rewarded for utter failure with a knighthood, and couldn't cope with a couple of months work in the private sector (Hector Sants)."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Anyhow, the bonfire of the EU red tape is happening in the insurance sector whether you like it or not:
https://gov.uk/government/news/uk-slashes-red-tape-through-bold-reforms-to-insurance-sector-regulation
Sovereignty in action again "I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
I'm tortured by cold calls from recruitment agencies, 2 or 3 calls a day.....rick_chasey said:
Labour market is pretty tight across the board.surrey_commuter said:Jezyboy said:
I thought you were an accountant not a truck driverStevo_666 said:
There are always worthy exceptions and the market for people like me is very much a sellers market currentlyJezyboy said:You not following Andrews advice to keep inflation at bay then?
If you want, I'll let you know what raise I get?
You can if it makes you feel better about yourself. I'm also doing OK at the moment.
Probably the wrong thread but I imagine many people are having a blinding post Covid bounce
Would certainly be long any listed recruiters - it’s absolutely bananas out there. Everyone’s groaning under the weight of work.“New York has the haircuts, London has the trousers, but Belfast has the reason!1 -
JRM got his wings clipped
“New York has the haircuts, London has the trousers, but Belfast has the reason!0 -
Yes, yes, but what do you really think?Dorset_Boy said:
Bailey was head of the FCA. He was a total and utter disaster there and presided over an organisation full of absolute horror stories. He and the senior leaders at the FCA are a bunch of total and utter w@nkers, not fit for purpose.Stevo_666 said:
I know who Andrew Bailey is. However you may want to go to the trouble of explaining your point rather than going all 'Rick' on me.surrey_commuter said:
if you Google Andrew Bailey you may rethink that last opinionStevo_666 said:
The need for reform is mainly driven by the fact that these rules were transposed directly into UK law when we were part of the EU and as such are not fully suited to the UK situation. This is certainly the view of the governor of the BoE and the regulator, whose views I give a little more weight to than a bunch of cyclists on an internet forum.surrey_commuter said:Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
Does nobody read these articles?Stevo_666 said:Anyhow, let's get pruning the EU red tape...
https://telegraph.co.uk/business/2022/02/21/city-chiefs-pledge-80bn-brexit-big-bang-red-tape-cut2/
"City chiefs to unleash £80bn Brexit 'Big Bang' as ministers scrap EU red tape
Relaxing of EU rules will spur investment in UK economy, say insurers
Tens of billions of pounds in investment is to be unleashed by City insurers after ministers pledged to axe controversial EU-era red tape in a major post-Brexit shakeup.
Two years after the UK officially left the EU, John Glen, the City minister, said the Government will ditch swathes of the controversial Solvency 2 rulebook governing insurers.
It came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “Big Bang”.
Unveiling the shake-up at the Association of British Insurers’ annual dinner, Mr Glen said: “EU regulation doesn’t work for us anymore and the Government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
The rules were adopted by ministers once the UK left the bloc, but Rishi Sunak, the Chancellor, had placed the rulebook under review to determine whether it could be relaxed to boost British insurers and increase investment in areas such as infrastructure.
A consultation will be launched in April, with the Bank of England’s Prudential Regulation Authority to look into the finer details later in the year.
The changes are expected to reduce the reporting and administration burden on businesses, increase their flexibility to invest in long-term assets including infrastructure, and free up funds by reducing the risk margin insurers face.
At the same time the “matching adjustment” mechanism covering long-term investments, which the industry says pushes it away from projects such as wind farms and into low-yielding sovereign and corporate bonds, will also be tweaked with “more sensitive treatment of credit risk”.
The Government’s move comes amid growing concern in the City and in Whitehall that the UK has been moving too slowly as Brussels has already published proposed reforms to the Solvency 2 regime.
Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.
“The UK has the opportunity to bring regulations up to date, making it possible to invest in asset classes that didn’t exist when they were originally written.”
He added that L&G could invest more than £30bn in “levelling up” projects such as renewable energy and social and affordable housing in the coming years if the rulebook is revised.
Insurance has been touted for years as an industry that could benefit from relaxing the EU rules introduced in the wake of the 2008 financial crash.
Mr Briggs said: “Sensible Solvency 2 reforms represent a unique and very significant opportunity to ensure more private-sector capital can be directed by insurers and asset managers into long-term infrastructure assets in the UK."
After 5 years of inaction it seems they are only doing it because they are being left behind by EU reforms.
How can the general uselessness of the the GB Govt not be a factor when assessing the likelihood of Brexit benefits
He was rewarded for his failure and incompetence by promotion to being Guvnor of the Bank.
Bit like another disasterous head before him who was rewarded for utter failure with a knighthood, and couldn't cope with a couple of months work in the private sector (Hector Sants).
😏1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition1 -
So the one time they recognise reality, it gets ditched.tailwindhome said:
JRM got his wings clipped0 -
You mean the red tape that the EU was already reviewing last September?Stevo_666 said:Anyhow, the bonfire of the EU red tape is happening in the insurance sector whether you like it or not:
https://gov.uk/government/news/uk-slashes-red-tape-through-bold-reforms-to-insurance-sector-regulation
Sovereignty in action again
SOVWINTY!1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Didn't you tell us lately that a recruiter had let you know you were being paid below market value?Stevo_666 said:
Maybe you haven't been recruiting in the tax and treasury markets recently, as I haveJezyboy said:
I thought you were an accountant not a truck driverStevo_666 said:
There are always worthy exceptions and the market for people like me is very much a sellers market currentlyJezyboy said:You not following Andrews advice to keep inflation at bay then?
If you want, I'll let you know what raise I get?
You can if it makes you feel better about yourself. I'm also doing OK at the moment.
I would only mention percentages even though that will probably trigger a bit of leftie bitterness in here. However you seemed to think I wouldn't be getting a raise: I'm pretty comfortable you'll be wrong.0 -
Sounds like some good news for FS.
Out of interest does anyone have the split between the proportion of the economy for FS and those manufacturing, exporting and moving physical product?0 -
The actual stat for FS is surprisingly low (I would guess at 20%) but I am assuming that does not count all the service sctor serving the FS.skyblueamateur said:Sounds like some good news for FS.
Out of interest does anyone have the split between the proportion of the economy for FS and those manufacturing, exporting and moving physical product?
I believe the total for services is usually given as 80% but that includes hairdressers0 -
Has the EU actually cut any of it? I haven't heard.rjsterry said:
You mean the red tape that the EU was already reviewing last September?Stevo_666 said:Anyhow, the bonfire of the EU red tape is happening in the insurance sector whether you like it or not:
https://gov.uk/government/news/uk-slashes-red-tape-through-bold-reforms-to-insurance-sector-regulation
Sovereignty in action again
SOVWINTY!
It's pretty basic stuff that we should make the rules a best fit for us rather than accept a compromise for 27/28 different parties.
Anyhow, its just one example of what will be many over the coming years. I'm sure the EU will understand as they like making decisions and being in control - which is just sovereignty on a different level."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Yep, seems to have taken my eye off the ball in that I hadn't realised how much the market had moved until quite recently. Shame on me...Pross said:
Didn't you tell us lately that a recruiter had let you know you were being paid below market value?Stevo_666 said:
Maybe you haven't been recruiting in the tax and treasury markets recently, as I haveJezyboy said:
I thought you were an accountant not a truck driverStevo_666 said:
There are always worthy exceptions and the market for people like me is very much a sellers market currentlyJezyboy said:You not following Andrews advice to keep inflation at bay then?
If you want, I'll let you know what raise I get?
You can if it makes you feel better about yourself. I'm also doing OK at the moment.
I would only mention percentages even though that will probably trigger a bit of leftie bitterness in here. However you seemed to think I wouldn't be getting a raise: I'm pretty comfortable you'll be wrong."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
It was in the article you posted - as SC pointed out:Stevo_666 said:
Has the EU actually cut any of it? I haven't heard.rjsterry said:
You mean the red tape that the EU was already reviewing last September?Stevo_666 said:Anyhow, the bonfire of the EU red tape is happening in the insurance sector whether you like it or not:
https://gov.uk/government/news/uk-slashes-red-tape-through-bold-reforms-to-insurance-sector-regulation
Sovereignty in action again
SOVWINTY!
It's pretty basic stuff that we should make the rules a best fit for us rather than accept a compromise for 27/28 different parties.Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind.- Genesis Croix de Fer
- Dolan Tuono0 -
But not necessarily in a way that suited the UK if we had still been subject to those regs - which is my point about our ability to choose what suits us best and not what is a compromise for 27 others.pangolin said:
It was in the article you posted - as SC pointed out:Stevo_666 said:
Has the EU actually cut any of it? I haven't heard.rjsterry said:
You mean the red tape that the EU was already reviewing last September?Stevo_666 said:Anyhow, the bonfire of the EU red tape is happening in the insurance sector whether you like it or not:
https://gov.uk/government/news/uk-slashes-red-tape-through-bold-reforms-to-insurance-sector-regulation
Sovereignty in action again
SOVWINTY!
It's pretty basic stuff that we should make the rules a best fit for us rather than accept a compromise for 27/28 different parties.Sir Nigel said: “The EU is reforming the Solvency 2 rules itself, so we need to make the changes or fall behind."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Can you let those of us who don't understand any of this know when you've reviewed them? https://ec.europa.eu/commission/presscorner/detail/en/ip_21_4783&ved=2ahUKEwiXnYz24pX2AhUXi1wKHY9vDEkQFnoECCQQAQ&usg=AOvVaw3yUFwV-5MnQIejOuHAa4R1Stevo_666 said:
Has the EU actually cut any of it? I haven't heard.rjsterry said:
You mean the red tape that the EU was already reviewing last September?Stevo_666 said:Anyhow, the bonfire of the EU red tape is happening in the insurance sector whether you like it or not:
https://gov.uk/government/news/uk-slashes-red-tape-through-bold-reforms-to-insurance-sector-regulation
Sovereignty in action again
SOVWINTY!
It's pretty basic stuff that we should make the rules a best fit for us rather than accept a compromise for 27/28 different parties.
Anyhow, its just one example of what will be many over the coming years. I'm sure the EU will understand as they like making decisions and being in control - which is just sovereignty on a different level.0
