On 8 December 2023, the House of Commons’ Treasury Committee published a report ‘Edinburgh Reforms One Year On: Has Anything Changed?’.

Chair of the Treasury Committee, Harriett Baldwin MP, said:

“More than a decade after the financial crash and six years after the UK voted to leave the European Union, the Treasury was absolutely right to look at updating regulation of the financial services sector and identifying rules which needed to be reformed or removed to encourage growth in this important economic sector.

“We welcome many of the changes as logical and sensible measures. We do, though, question the validity of claims that welcoming consultations, establishing reviews or publishing documents should be considered reforms.

“The Edinburgh Reforms were given considerable fanfare last December but, 12 months on, the lack of progress or economic impact has left them feeling like a damp squib.”