Rishi Sunak is on a collision course with City of London regulators after the government confirmed he will press ahead with a new “intervention power” to enable Treasury ministers to over-rule the watchdogs.
The proposed new power has alarmed Britain’s most powerful regulators, including at the Bank of England, who believe it will undermine their independence and weaken confidence in London as a financial centre.
But the prime minister, who originally outlined the power while chancellor, has indicated to the Treasury that he wants to proceed — in spite of increasingly vocal warnings that the proposal could damage the City.
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