The government is considering new powers to intervene in financial regulators’ decisions in a post-Brexit overhaul to regulation, Chancellor Nadhim Zahawi has said.
Mr Zahawi said he was still undecided on the move, which could cause tension with the independent Bank of England.
The government is set to unveil the Financial Services and Markets Bill on Wednesday, which Mr Zahawi says is a “landmark piece of legislation” that will revoke retained EU law on financial services.
“There’s been some speculation about the government taking further powers to intervene in financial regulation, in the public interest," Mr Zahawi told the City at Mansion House, in his first speech as Chancellor.
“That is something we’re looking at and I’m keeping an open mind.
“But I can confirm that it’s not in the Bill tomorrow, because I want time to consider all the arguments before making such an important decision.”
Mr Zahawi said the country should be “confident” the government could get a handle on inflation as the cost-of-living pressure on households continues to bite.
He promised that the government was dealing with the “task at hand”.
The recently installed chancellor, fresh from his ill-fated bid to become Tory leader, delivered the speech as the remaining candidates to replace Boris Johnson clashed over proposed tax cuts.
Mr Zahawi's priorities for the coming months, he said, would be to control inflation, create the conditions for a private sector recovery and a “post-Brexit vision” for the financial services industry.
“That means delivering sound public finances, carefully designed to avoid adding to inflationary pressures, while still providing help for households with the worst impacts of inflation,” he said.
“Where we can, we must also ease the supply constraints that are so often the underlying cause of higher inflation.
“The country should feel confident that we can, and we will, get inflation back under control.”
Seizing the opportunities created by Brexit also dominated the speech.
“Our objective is clear: to keep the UK the most open, inclusive, welcoming, competitive, safe, and transparent place to do financial services business, in the world,” Mr Zahawi said.
He also committed to repealing “hundreds of pieces of retained EU law”.
The Financial Services and Markets Bill “enables us to reform Solvency II”, he said, giving “UK insurers more flexibility to invest in long-term assets like infrastructure” and increasing “the competitiveness of our capital markets”.
Mr Zahawi alluded to the “tears and the tantrums” in the Tory leadership race, and joked that he knew how Love Island contestants knocked out in the early rounds felt.
He said that despite the “short-term uncertainty” caused by Boris Johnson’s resignation as Tory leader, the work of the government continued, pledging “stability, reassurance and continuity”.
“We are steadying the ship. We are stabilising the economy. We are getting on with the task at hand,” Mr Zahawi said.
“I know where the best ideas, the most sustainable growth, the new jobs, the higher wages, are going to come from. It’s from the wealth creators and risk takers.
“So how do we get that growth? It’s by unleashing the power of enterprise — to allow businesses to invest, innovate and create jobs.”
But Tulip Siddiq, Labour’s shadow economic secretary to the Treasury, accused him of offering “woolly” promises.
“As Labour has long set out, what we need is long-term plan to build a stronger, more secure economy," Ms Siddiq said.
“But instead, the Tories have spent the last two years raising taxes on working people 15 times, and now spend every waking minute indulging in unfunded fantasy economics.
“It has been six years since the Brexit vote, and the government still has nothing to offer the City other than rhetoric, empty promises and desperate threats to undermine the independence of our world-leading financial services regulators.
“Labour will provide the City and our economy with the certainty and ambition it needs to thrive.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
England Test squad
Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
OPENING FIXTURES
Saturday September 12
Crystal Palace v Southampton
Fulham v Arsenal
Liverpool v Leeds United
Tottenham v Everton
West Brom v Leicester
West Ham v Newcastle
Monday September 14
Brighton v Chelsea
Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
Manchester City v Aston Villa
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Dubai Rugby Sevens, December 5 -7
World Sevens Series Pools
A – Fiji, France, Argentina, Japan
B – United States, Australia, Scotland, Ireland
C – New Zealand, Samoa, Canada, Wales
D – South Africa, England, Spain, Kenya
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Global state-owned investor ranking by size
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The five pillars of Islam
How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
BUNDESLIGA FIXTURES
Saturday
Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)
Bayer Leverkusen v Schalke (5.30pm)
Wolfsburg v Cologne (5.30pm)
Mainz v Arminia Bielefeld (5.30pm)
Augsburg v Hoffenheim (5.30pm)
RB Leipzig v Bayern Munich (8.30pm)
Borussia Monchengladbach v Freiburg (10.30pm)
Sunday
VfB Stuttgart v Werder Bremen (5.30pm)
Union Berlin v Hertha Berlin (8pm)
The five pillars of Islam
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice.
More coverage from the Future Forum
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England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
