As a result of the failure of three US banks and UBS’s emergency takeover of Credit Suisse, the prognosis for the UK, which heavily relies on financial services, may be clouded.
Mr. Hunt asserted that the UK had “a very robust, resilient banking system” and that it was currently in a far better situation than it had been prior to the 2008 financial crisis.
“Yes, I am confident in our banking system’s resilience as the second-largest center for financial services in the world,” he said.
Mr. Hunt stated that the goal was “absolutely not to unlearn the lessons of the financial crisis” despite the government’s consideration of altering some of the regulations controlling financial services that were put in place after 2008.
“We are looking at all of these things, but we’re not going to do it in a way that rows back on any of the very important protections that we have in place,” he declared.
But he noted that as the UK’s tech and bio sciences sectors expanded, laws needed to change.
