London Daily

Focus on the big picture.
Monday, Aug 25, 2025

Liz Truss to set out economic plans to finance sector in bid to lead Britain

Liz Truss to set out economic plans to finance sector in bid to lead Britain

Liz Truss, front-runner to be Britain's next prime minister, will set out her economic plans to finance sector officials on Friday, including scrapping legacy EU laws by the end of 2023. Foreign Minister Truss is up against former finance minister Rishi Sunak to win the votes of 200,000 members of the Conservative Party who will by Sept. 5 choose a replacement for Boris Johnson, forced to resign after a series of scandals.
Her meeting with finance bosses will take place at Aviva's London offices and attendees will include Nigel Wilson, chief executive of Legal & General, and Amanda Blanc, Aviva chief executive, two sources told Reuters.

Truss will lay out her agenda for attracting new investment, including reform of regulatory regimes known as Solvency II and MiFID which Britain introduced while a European Union member.

"For too long, we have allowed those who create wealth and high-quality jobs - dynamic businesses and hard-working people - to be weighed down by onerous EU bureaucracy," Truss said in a statement before the meeting.

"We haven't moved fast enough to take full advantage of Brexit. I’ll make it a priority to slash EU red tape and ensure we have the right tools in place to attract investment and deliver growth."

The Bank of England warned on Thursday that Britain faces a long recession as energy price-driven inflation squeezes household budgets. Tackling that crisis and maintaining corporate confidence in the British economy will fall to Truss or Sunak in a month's time.

Britain's financial sector, one of its most important tax-raising industries, was cut off from parts of the EU after Brexit and the government is already reviewing rules inherited from the bloc amid calls from banks for greater emphasis on keeping the City of London globally competitive.

But bankers say there is no appetite for a "bonfire of regulations" given big changes cost money and can take years.

They have called for cuts on taxes levied on bank balance sheets since the financial crisis, and want to make it easier to hire talent globally now that unfettered access to hiring EU nationals has ended.

Truss said she will set up a group of business leaders to shape or recommend scrapping rules to make the industry more competitive and to help consumers.
Newsletter

Related Articles

0:00
0:00
Close
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
Horror in the Skies: Plane Engine Exploded, Passengers Sent Farewell Messages
MSNBC Rebrands as MS NOW Amid Comcast’s Cable Spin-Off
AI in Policing: Draft One Helps Speed Up Reports but Raises Legal and Ethical Concerns
Shame in Norway: Crown Princess’s Son Accused of Four Rapes
Apple Begins Simultaneous iPhone 17 Production in India and China
A Robot to Give Birth: The Chinese Announcement That Shakes the World
×