Government responds to Treasury Committee on progress of Edinburgh Reforms

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In December 2022, the Chancellor of the Exchequer announced the Edinburgh Reforms - 31 strands of work which aim to boost the financial services sector’s competitiveness following the UK’s departure from the European Union. 

In its report, the Committee questioned the Treasury’s conclusion that 21 of the 31 reforms had been completed in the first 12 months. 

Analysis by the Committee concluded that six of the actions which the Government had marked as ‘delivered’ had not been completed as the work to implement them was ongoing. A further six measures should not be considered as reforms as they relate to actions such as publishing a document or welcoming a consultation, the Committee said.      

In its response, the Government updated the Committee on four further areas of progress since the report’s publication. These include further steps to legislate for changes to the Digital Securities Sandbox Regulations and the publication of new rules for a UK consolidated tape for bonds by the Financial Conduct Authority. 

The Government contests the notion that the Edinburgh Reforms could be delivered at a faster pace, asserting that the current plans allow an appropriate amount of time for consultation and implementation. 

Chair's comment

Commenting on the Government response, Harriett Baldwin MP, Chair of the Treasury Committee said: 

“Our report in December described progress at that time as a ‘damp squib’ rather than a Big Bang. It’s good to see there’s been a bit more progress and our Committee will continue to push for progress on the remaining items.” 

Further information

• Inquiry: The Edinburgh Reforms
• Treasury Committee
• About Parliament: Select committees
• Visiting Parliament: Watch committees

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