Brexit offers an opportunity for lawmakers to throw off the shackles of legacy EU regulation that has held back the City, according to a report by a group of cross-party MPs published today.

The UK can tweak the regulatory regime inherited from Brussels or design an entirely new system to boost the Square Mile’s banks, brokers and insurers, the treasury committee said.

Britain did exert strong influence over the creation of financial services rules when it was part of the EU, meaning policy makers do not have to rip up the whole rulebook, the committee recommended.

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