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MLex Market Insight

What Liz Truss’ promise to deliver the benefits of Brexit means for UK regulation — and regulators

MLex Market Insight

MLex Market Insight

News

4.99 Ratings

🗓️ 16 September 2022

⏱️ 20 minutes

🧾️ Download transcript

Summary

The rise of Liz Truss to the United Kingdom’s highest elected office has the potential to reshape the country’s regulatory landscape. Truss based her leadership campaign within the center-right Conservative Party on the promise to deliver the benefits she believes are yet to be claimed from Britain’s departure from the European Union — including slashing through any residual red tape and making regulation nimbler and more business friendly. But it’s the prospect of an executive having the final say on decisions by independent regulators that has sparked a broader debate on whether politics and regulation can — and should — mix.

Transcript

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0:00.0

Hello there, welcome back. It's great to be with you. This is Mlex's weekly podcast, bringing you the top

0:15.9

regulatory stories of the moment with the assistance of our team of reporters around the world.

0:20.7

I'm James Panicki, a senior editor here at Emnex.

0:24.5

Now, you don't need me to tell you that there's plenty going on in the United Kingdom at the

0:29.0

moment, even without the death of Queen Elizabeth II.

0:32.7

The country has a new Prime Minister. Her name is Liz Truss. She has replaced the controversial, but always

0:38.8

colourful Boris Johnson. This is an important story for our UK reporters because there are

0:44.8

serious regulatory undercurrents for them to grapple with here. We've mentioned in earlier

0:49.8

podcasts the political backlash against the work of regulators in the UK, the assumption being that,

0:55.7

if nothing else, Brexit had the purpose of ridding the country of the European Union's red tape.

1:01.8

The argument is that to get Brexit done, as it were, regulation needs to be less burdensome and

1:07.7

more business-friendly, and trust has staked her reputation on making that happen.

1:13.0

Two of our London-based reporters have written some fine pieces of analysis dealing with this

1:18.0

very issue. Jakub Krouper is a senior correspondent covering data privacy and security as well as

1:23.6

future mobility. He joins us today from Munich, where he is indeed covering a future mobility

1:29.5

conference. And Fiona Maxwell is M-Mex's chief correspondent covering financial services from the

1:35.2

city of London, and they join us now. Jakob, let me start with you. What should we expect

1:41.1

from this government in very broad terms? I think we need to remember who the new Prime Minister is.

1:47.0

Liz Trust, the new Prime Minister, who replaced Boris Johnson, is a long-standing advocate

1:53.0

of the regulation of all sorts.

1:55.0

And Brexit, bizarrely, she's a newly converted Brexit advocate in 2016 when the UK voted on the referendum about the European Union.

2:04.8

She voted to stay and she campaigned for the UK to stay.

...

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