An
influential
group
of
MPs
are
calling
out
the
chancellor
for
not
fulfilling
a
set
of
reforms
to
the
City,
saying
they
have
been
left
feeling
like
a
“damp
squib”.
The
Treasury
Select
Committee
said
chancellor
Jeremy
Hunt’s
claims
to
have
delivered
on
the
majority
of
the
so-called
Edinburgh
reforms
laid
out
last
December.
However,
the
changes
have
not
materialised.
According
to
the
committee,
the
chancellor
says
he
has
completed
21
of
the
31
reforms
to
financial
services
he
set
out
last
year
–
but
the
group’s
analysis
found
that
six
of
the
21
are
in
fact
not
complete.
A
further
six
should
not
have
even
been
considered
reforms
in
the
first
place,
the
committee
says,
as
these
include
publishing
documents
or
welcoming
a
consultation,
which
is
not
the
same
as
reforming
something.
Committee
Chair
Harriett
Baldwin
says:
“More
than
a
decade
after
the
financial
crash
and
six
years
after
the
UK
voted
to
leave
the
EU,
the
Treasury
was
absolutely
right
to
look
at
updating
regulation
of
the
financial
services
sector
and
identifying
rules
which
needed
to
be
reformed
or
removed
to
encourage
growth
in
this
important
economic
sector.”
The
Edinburgh
reforms
include
changes
to
short
selling
disclosures,
new
remits
for
watchdogs,
repeals
of
some
EU
rules
and
reforming
some
taxes.
Baldwin,
a
Conservative
MP,
says:
“We
welcome
many
of
the
changes
as
logical
and
sensible
measures.
We
do,
though,
question
the
validity
of
claims
that
welcoming
consultations,
establishing
reviews
or
publishing
documents
should
be
considered
reforms.
“The
Edinburgh
reforms
were
given
considerable
fanfare
last
December
but,
12
months
on,
the
lack
of
progress
or
economic
impact
has
left
them
feeling
like
a
damp
squib.”
In
a
press
release
to
mark
the
year
anniversary
of
the
Edinburgh
reforms,
the
government
said
it
had
delivered
22
of
the
31
promises.
Without
acknowledging
the
Treasury
committee’s
claims,
economic
secretary
to
the
Treasury
Bim
Afolami
said
in
the
release:
“My
number
one
priority
in
this
role
is
to
deliver
on
the
Edinburgh
reforms.
“The
reforms
have
shown
the
UK’s
dedication
to
fostering
a
sensible,
innovative
and
robust
financial
landscape
–
over
the
past
year
we’ve
made
significant
strides
towards
creating
an
environment
that
supports
economic
growth,
openness
and
the
well-being
of
savers.”
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