Chancellor Jeremy Hunt will launch a major reform of the UK’s financial sector, with plans to rip up red tape and replace a number of EU regulations.
Mr Hunt said the changes, to be announced in Edinburgh later, will “turbocharge” growth as the country struggles with a sluggish economy and a cost of living crisis.
He said: “This country’s financial services sector is the powerhouse of the British economy, driving innovation, growth and prosperity across the country.
“Leaving the EU gives us a golden opportunity to reshape our regulatory regime and unleash the full potential of our formidable financial services sector.”
The chancellor will outline more than 30 regulatory reforms, with hundreds of pages of EU rules to be reviewed, repealed, and replaced, ranging from disclosure for financial products to prudential rules governing banks.
Among the rules in the spotlight is “ring-fencing” – the regulation that requires major banks to keep investment and retail banking separate.
This rule was brought in during 2019 and, according to the Bank of England, was designed to “increase the stability of the UK financial system and prevent the costs of failing banks falling on taxpayers”.
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But the reforms would see banks released from the requirements if they do not have major investment activities.
Banks have previously pushed for the rule to be axed or for the deposit threshold that triggers it to be raised.
London is under pressure after being overtaken by Amsterdam as Europe’s top share-trading centre, and the EU is updating its own financial rules to reduce what remains of its reliance on the city.
Bank of England director Phil Evans said on Wednesday that being a global financial centre brings a number of benefits to the British economy, but it also brings responsibilities such as resisting pressure to “cut standards in the short term”.
The Syrian presidency has announced it’s assembling a special taskforce to try to stop nearly a week of sectarian clashes in the southern Druze city of Sweida.
The presidency called for restraint on all sides and said it is making strenuous efforts to “stop the fighting and curb the violations that threaten the security of the citizens and the safety of society”.
By early Saturday morning, a ceasefire had been confirmed by the US special envoy for Syria, Tom Barrack, who posted on X that Syrian President Ahmed al Sharaa and Israeli Prime Minister Benjamin Netanyahu had agreed to a ceasefire supported by US secretary of state Marco Rubio.
The post went on to state that this agreement had the support of “Turkey, Jordan and its neighbours” and called upon the Druze, Bedouins, and Sunni factions to put down their arms.
Sky News special correspondent Alex Crawford reports from the road leading to Sweida, the city that has become the epicentre of Syria’s sectarian violence.
For the past 24 hours, we’ve watched as Syria‘s multiple Arab tribes began mobilising in the Sweida province to help defend their Bedouin brethren.
Thousands travelled from multiple different Syrian areas and had reached the edge of Sweida city by Friday nightfall after a day of almost non-stop violent clashes and killings.
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“We have come to protect the [Arab] Bedouin women and children who are being terrorised by the Druze,” they told us.
Image: Arab fighters said they had come to protect the Bedouin women and children
Image: Fighters at a petrol station
Every shop and every home in the streets leading up to Sweida city has been burned or ransacked, the contents destroyed or looted.
We saw tribal fighters loading the back of pickup trucks and driving away from the city with vehicles packed with looted goods from Druze homes.
Image: Shops and homes leading up to Sweida city have been burned or ransacked
Several videos posted online showed violence against the Druze, including one where tribal fighters force three men to throw themselves off a high-rise balcony and are seen being shot as they do so.
Doctors at the nearby community hospital in Buser al Harir said there had been a constant stream of casualties being brought in. As we watched, another dead fighter was carried out of an ambulance.
The medics estimated there had been more than 600 dead in their area alone. “The youngest child who was killed was a one-and-a-half-year-old baby,” one doctor told us.
Image: Doctors said there had been a constant stream of casualties due to violence
The violence is the most dangerous outbreak of sectarian clashes since the fall of the Bashar al Assad regime last December – and the most serious challenge for the new leader to navigate.
The newly brokered deal is aimed at ending the sectarian killings and restoring some sort of stability in a country which is emerging from more than a decade of civil war.
Israel and Syria have agreed to a ceasefire, the US ambassador to Turkey has said.
Several hundred people have reportedly been killed this week in the south of Syria in violence involving local fighters, government authorities and Bedouin tribes.
Israeli Prime Minister Benjamin Netanyahu’s government said it aimed to protect Syrian Druze – part of a small but influential minority that also has followers in Lebanon and Israel.
In a post on X, the US ambassador to Turkey, Tom Barrack, said Israel and Syria had agreed to a ceasefire supported by Turkey, Jordan and others.
“We call upon Druze, Bedouins, and Sunnis to put down their weapons and together with other minorities build a new and united Syrian identity,” Mr Barrack said in a post on X.
The Israeli embassy in Washington and Syrian Consulate in Canada did not immediately comment or respond to requests for comment from the Reuters news agency.
The ceasefire announcement came after the US worked to put an end to the conflict, with secretary of state Marco Rubio saying on Wednesday that steps had been agreed to end a “troubling and horrifying situation”.
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He then claimed Israel has “consistently targeted our stability and created discord among us since the fall of the former regime”.
It comes after the United Nations’ migration agency said earlier on Friday that nearly 80,000 people had been displaced in the region since violence broke out on Sunday.
It also said that essential services, including water and electricity, had collapsed in Sweida, telecommunications systems were widely disrupted, and health facilities in Sweida and Daraa were under severe strain.
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At least three people have been killed after a “horrific incident” at a Los Angeles County Sheriff’s Department training facility, officials have said.
A spokesperson for the department said there was an explosion at the Biscailuz Center Academy Training in east LA.
The incident was reported at around 7.30am local time (3.30pm UK time).
Aerial footage from local channel KABC-TV suggests the blast happened in a parking lot filled with sheriff patrol cars and box trucks.
Image: The training centre in east LA. Pic: NBC Los Angeles
Attorney general Pam Bondi wrote on X: “I just spoke to @USAttyEssayli about what appears to be a horrific incident that killed at least three at a law enforcement training facility in Los Angeles.
“Our federal agents are at the scene and we are working to learn more.”
Californiacongressman Jimmy Sanchez said the explosion had “claimed the lives of at least three deputies”.
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“My condolences to the families and everyone impacted by this loss,” he said.
Image: Media and law enforcement officials near the explosion site. Pic: AP
The attorney general said in a follow-up post that agents from the FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives are “on the ground to support”.
The mayor of Los Angeles, Karen Bass, said the LAPD bomb squad has also responded to the scene.
“The thoughts of all Angelenos are with all of those impacted by this blast,” she said.
California Governor Gavin Newsom has been briefed on the incident, his press office said in a post on X.
“The Governor’s Office of Emergency Services is in contact with the Sheriff’s Department and closely monitoring the situation, and has offered full state assistance,” it added.
The cause of the explosion is being investigated.
This breaking news story is being updated and more details will be published shortly.