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- UK’s Glen: Post-Brexit reforms outlined to reduce burden on insurers
UK’s Glen: Post-Brexit reforms outlined to reduce burden on insurers
In order to unlock investment and reduce red tape, the UK Treasury minister John Glen is expected to outline post-Brexit plans to reduce the burden on insurance firms while speaking at the annual dinner of the Association of British Insurers later this Tuesday.
Key quotes
“Planned reforms include giving insurers more flexibility to invest in long-term assets such as infrastructure and a “meaningful reduction in the current reporting and administrative burden.”
“EU regulation doesn’t work for us anymore and the government is determined to fix that.”
“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector.”
Market reaction
GBP/USD was last seen trading at 1.3582, down 0.11% on the day, undermined by the Russia-led risk-aversion.
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