The banks pay huge amounts of tax. If they lose business, then Britain’s economy will suffer.

Labour and the Lib Dems have condemned the chancellor's plan to weaken regulations introduced after the financial crash.

Britain on Friday launched a post-Brexit plan to relax curbs on its powerhouse City sector introduced after the 2008 financial crisis, denying the reforms will bring about new instability.

THE Tories are risking a repeat of “the catastrophe of the financial crash in 2008” by cutting back on the safeguards placed on banking in its wake, the SNP have warned.

Chancellor Jeremy Hunt has been accused of encouraging a “race to the bottom” after he unveiled ‘big bang’ plans to slash City red tape.

Not everyone is convinced that scrapping a number of regulations imposed after the 2008 financial crash will benefit the economy.

Britain is easing banking rules brought in after the 2008 global financial crisis in a bid to attract investment and secure London’s status as Europe’s leading finance center.