MPs Criticize Edinburgh Reforms as Ineffective

Treasury Select Committee Questions Impact and Progress of Financial Services Reforms

The Treasury select committee has criticized Chancellor Jeremy Hunt's Edinburgh Reforms, stating that none of the implemented changes will significantly impact the UK economy.
The committee has expressed concerns over the slow progress of the reforms and has accused the Treasury of overpromising.
The Edinburgh Reforms, a 31-point plan, were designed to increase the City’s competitiveness following Brexit by relaxing regulations on small banks and other measures.
The committee's report suggests that many of the proposed rules are not reformative but instead linked to potential changes in the future.
Despite the criticism, the Treasury and City Minister Bim Afolami defend the reforms, stating that significant strides have been made towards making the UK more attractive globally.