Threat to UK financial services watchdogs off the table

Government committed' to financial regulators' independence says City minister in Tory U-turn

The government has made a U-turn on plans to introduce sweeping powers that would allow ministers to override regulators, including the Bank of England, after multiple warnings that such a move would harm the UK's global reputation.

The Treasury confirmed on Wednesday evening that it would not proceed with the intervention power at this time", noting that the government was committed" to the independence of City watchdogs, which include the Financial Conduct Authority.