Former Sky government picked to guide Metropolis reforms

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Former Sky finance chief Andrew Griffith will lead the federal government’s monetary providers reforms, together with sweeping plans to overtake former Brussels insurance coverage guidelines, after being appointed Metropolis minister by prime minister Liz Truss.

Griffith, a detailed ally of former PM Boris Johnson, had already been chosen as monetary secretary to the Treasury, which shall be wrapped along with the ministerial place into one position. He succeeds John Glen, who was a preferred Metropolis minister throughout a turbulent 4 years punctuated by Brexit till his exit in July after Johnson introduced he would step down.

His appointment comes at a vital time for the Metropolis of London, because the UK pledges to speed up reforms to its monetary guidelines after making restricted progress since leaving the EU greater than two years in the past.

Chancellor Kwasi Kwarteng final week pledged a “Massive Bang 2.0” for the Metropolis, pushed by a post-Brexit overhaul of regulation to spice up the sector’s competitiveness.

The UK has misplaced 1000’s of jobs, greater than £1tn of belongings and billions in taxable buying and selling and dealmaking revenues because the nation’s departure from the EU, with Brussels and European Central Financial institution steadily demanding extra jobs relocate contained in the bloc.

Griffith can even lead the overhaul of the EU’s Solvency II guidelines that also govern the UK’s insurance coverage sector, with the purpose of releasing billions in capital to be invested in infrastructure and different long-term tasks within the nation.

The position would require a level of diplomacy as politicians look to take a extra lively position in monetary decision-making, which has lengthy been delegated to the Financial institution of England. Lawmakers have proposed a monetary providers invoice that might give ministers the ability to problem findings by regulators in the event that they really feel their choices are holding again competitiveness.

Regulators, corresponding to the top of the BoE’s Prudential Regulation Authority, have cautioned that the Metropolis’s worldwide repute may very well be undermined if guidelines are loosened an excessive amount of and it turns into seen as a much less secure place to do enterprise.

Miles Celic, chief government of foyer group TheCityUK, stated Griffith knew the monetary providers sector nicely. “Given the complexity of the monetary providers invoice you want somebody who can get their arms round it in a short time,” he famous.

“We have now had longstanding relationships with earlier incumbents and stay up for creating this with him within the years forward,” he added.

Following his appointment as monetary secretary final week, Griffith stated he would work “with the monetary sector throughout the entire of the UK to ship the federal government’s agenda of financial progress and better funding”.

The previous Rothschild funding banker struck up a detailed relationship with Johnson, providing his Westminster dwelling as the bottom for the previous prime minister’s profitable 2019 management marketing campaign. He turned Johnson’s enterprise envoy and was picked to problem for a secure Conservative seat within the 2019 normal election.

Griffith turned Johnson’s coverage chief in February this 12 months within the last try to “reset” the chaotic Downing Avenue operation. Griffith remained loyal to the top, urging Johnson to battle to save lots of his job.

Former colleagues stated Griffith was targeted on outcomes at Sky and employed a numbers-driven strategy. They famous he introduced this to his position as web zero tsar forward of the COP26 local weather convention final 12 months, the place he stored a operating tally of firms that had signed up the marketing campaign, earlier than he turned export minister.

Lord Gerry Grimstone, former commerce minister, had been tipped by Truss’s allies because the preliminary favorite to turn into Metropolis minister, however Grimstone is now stated by colleagues to favour a return to the non-public sector.

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