The Edinburgh Reforms

Treasury Committee Closed Inquiry
Opened: 26 Jan 2023 Closed: 28 May 2024 Parliament page
An inquiry into the financial services reforms announced by the Chancellor of the Exchequer on 9 December 2022. The large numbers of announcements comprising the Edinburgh Reforms are wide-ranging and at different stages of the policy-formation process. The Committee will consider elements of the reforms as they progress in the … Read more
3 Recommendations
15 Conclusions
1 Report
3 Letters
1 Event
Activity timeline 7 events
26 Apr
2024
Report published
21 Feb
2024
Report published
8 Dec
2023
Report published
24 Oct
2023
Correspondence
24 Oct
2023
Correspondence
7 Mar
2023
Correspondence
1 Feb
2023
Formal meeting (oral evidence session) · The Thatcher Room, Portcullis House
Title HC No. Published Items Response
Second Report - Edinburgh Reforms One Year On: Has Anything Chan… HC 221 8 Dec 2023 18 Responded
Recommendations & Conclusions
6 results
Clear
1 Conclusion Rejected
Second Report - Edinburgh Reforms …
Completing Edinburgh Reforms is a vital step to address over-zealous regulation.
The full Committee has previously concluded in its report on the Future of financial services regulation that “there should be a secondary objective for both the Financial Conduct Authority and the Prudential Regulation Authority to promote long-term economic growth” but … Read more
Government Response
The government rejects the committee's conclusions, asserting that the Edinburgh Reforms will have a substantial impact, cannot be delivered faster, and are progressing well, with 21 of 31 commitments already delivered as of October 6.
HM Treasury
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7 Conclusion Rejected
Second Report - Edinburgh Reforms …
Treasury's initial actions are preparatory work, not delivered financial services reforms.
While the Treasury has delivered what it set out to do in these six strands of work, namely publishing documents, welcoming a regulatory consultation, and establishing reviews or taskforces, none of these are in of themselves reforms to the UK’s … Read more
Government Response
The government rejects the committee's conclusion, asserting that the Edinburgh Reforms are substantial and cannot be delivered faster, emphasizing that regulatory change is a multi-step process involving consultation and that 21 of 31 commitments have already been delivered.
HM Treasury
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12 Conclusion Rejected
Second Report - Edinburgh Reforms …
Edinburgh Reforms achievements fail to make substantial difference to UK economy.
The Chancellor’s Edinburgh Reforms speech made big promises. However, from what has been completed so far, the Sub-Committee is of the view that none of the achievements to date will make a substantial difference to the UK economy.
Government Response
The government rejects the conclusion, stating that 21 of 31 Edinburgh Reform commitments have been delivered and asserts that these reforms will substantially impact the UK economy and financial services sector, promoting growth and competitiveness.
HM Treasury
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13 Conclusion Rejected
Second Report - Edinburgh Reforms …
Many Edinburgh Reforms are preparatory work, not substantial regulatory changes.
Many of the strands of work included in the Edinburgh Reforms are not reforms, but are more preparatory work for potential reforms in the future and should be 28 Edinburgh Reforms One Year On: Has Anything Changed? treated as such. … Read more
Government Response
The government rejects the committee's conclusion that many Edinburgh Reforms are merely preparatory work or lack significant impact, asserting that the reforms are substantial and that 21 of 31 commitments have already been delivered to promote growth and competitiveness.
HM Treasury
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14 Conclusion Rejected
Second Report - Edinburgh Reforms …
Excessive delays in implementing Treasury financial services policy changes observed.
The Sub-Committee understands and supports the Treasury in carrying out reforms that follow the appropriate processes. Reforms to the financial services rules should be evidence-based, taking into consideration views from both industry and wider society. This engagement takes time and … Read more
Government Response
The government rejects the committee's conclusion that the implementation of reforms takes too long, arguing that delivering ambitious regulatory change is a multi-step process requiring careful work and consultation, and asserts that 21 of 31 Edinburgh Reforms commitments have already been delivered.
HM Treasury
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16 Recommendation Rejected
Second Report - Edinburgh Reforms …
Ensure sustained pace for moving onshored rules into financial regulators' rulebooks.
The Treasury and the regulators have told us the process of moving the onshored rules into the regulators’ rule books will take many years. The regulators and the Treasury must ensure that there is a sustained and focussed pace of … Read more
Government Response
The government rejects the recommendation for a faster pace of change, stating that the reforms cannot be responsibly delivered any quicker and are well underway, with 21 of 31 commitments already delivered.
HM Treasury
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Government Response AI assessment · 9 of 3 classified
Accepted 1
Not Addressed 2
Rejected 6
Total 3 recs + 15 conclusions
Correspondence 3 letters
24 Oct 2023 Correspondence to the Chancellor of the Exchequer relating to progress with Edinburgh Reforms, dated 6 September
Parliament page
24 Oct 2023 Correspondence from the Chancellor of the Exchequer relating to progress with Edinburgh Reforms, dated 6 October 2023
Parliament page
7 Mar 2023 Correspondence from the Economic Secretary to the Treasury, relating to the publication of the Call for Evidence on aligning the ring-fencing and resolution regimes, dated 2 March
Parliament page