This political veto on City regulation can only end in trouble
Perhaps we need a new rule. When a politician complains that regulators are being too slow, too cautious or a bit of a “dog in the manger” about overhauling insurance rules for the glorious benefit of Brexit Britain, they should be asked to explain the issues involved.
Rather as political wannabes are regularly asked to prove they understand Real Life Issues by knowing the price of a pint of milk (up a fifth over the past year, as you’re asking), they should have a crack at the finer points of insurance regulation, an area of dread and mystery even for many in the City of London.
After all, our political leaders, both the outgoing set and those vying for the job, appear confident they know better than the pointy heads at Threadneedle Street or in Canary Wharf. It would be nice if they would prove that they appreciate the issues involved and are not just freewheeling for political effect.
This story originally appeared on: Financial Times - Author:Helen Thomas
