On 17 April 2018, HM Treasury published its response to the European Commission’s consultation implementing the Basel III reforms that were agreed by the Basel Committee in December 2017. Among other things HM Treasury states that as “the UK prepares to leave the EU, it remains committed to international standards for the financial industry, of which Basel III is a key component.”

HM Treasury adds that it supports the language agreed by Finance Ministers & Central Bank Governors at the G20 summit in Buenos Aires, Argentina on 19-20 March 2018:

“We welcome the finalisation of Basel III, which completes main elements of the post crisis reforms. We remain committed to the full, timely and consistent implementation and finalisation of the reforms and their evaluation to help identify and address any material unintended consequences and ensure that the reforms accomplish their objectives.”