Member

There was a time when broader flexibility really would not have mattered, because multilateral forums played a major role in shaping global financial law and markets, but we now have the United States and China—it goes beyond China—despising, in essence, such a global framework. Add to that the rapid advance in the role of digital currency and the changes that that will drive in the whole shape of financial services, and I am concerned that the Treasury is becoming more relaxed—perhaps more naive, too—at a time when we are moving into an area of greater change and greater risk. To me, this is all compounded by the lack of transparency in decisions on financial regulations, which seems to have been a feature—indeed, a hallmark—of the post-Brexit regime.