Cutting City regulation risks another financial crash, say economists

Leading economists publish letter to Rishi Sunak in response to proposed financial services and markets bill

A group of 58 leading economists and politicians, including the former business minister Vince Cable, has written to the chancellor to say that scaling back City regulation will put the UK at risk of another financial crash.

The open letter, which has also been signed by the former Greek finance minister Yanis Varoufakis and Columbia University professor Adam Tooze, was sent in reaction to the Queen's speech, which outlined Rishi Sunak's plans to cut red tape" through a financial services and markets bill.