Bank chiefs to Reeves: Ditch ring-fencing to boost UK economy

HSBC, Lloyds CEOs Among UK Bankers Seeking End of Ring-Fencing: Sky

The chief executive officers of four of Britain’s largest banks have called on the Chancellor of the Exchequer to abolish so-called ring-fencing rules, Sky News reported.

Bank chiefs to Reeves: Ditch ring-fencing to boost UK economy

The bosses of HSBC, Lloyds Banking Group, NatWest Group and Santander UK have told the chancellor that the moment has come to abolish bank ring-fencing in an explosive letter obtained by Sky News.

Bank Chiefs To Reeves: Ditch Ring-fencing To Boost UK Economy - Great Yorkshire Radio

Sky News has obtained an explosive letter sent this week by the chief executives of HSBC Holdings, Lloyds Banking Group, NatWest Group and Santander UK in which they argue that bank ring-fencing “is not only a drag on banks’ ability to support business and the economy, but is now redundant”. The CEOs’ letter represents an unprecedented intervention by most of the UK’s major lenders to abolish a reform which cost them billions of pounds to implem…