The chancellor told bank bosses this week that his impending package of financial services reforms would not include the abolition of ring-fencing, Sky News learns.
Kwasi Kwarteng, the chancellor, has ruled out tearing up the regime put in place to segregate high street lenders' investment banking arms that was put in place after the 2008 financial crisis.
The chancellor's disclosure during Thursday's meeting will serve as a blow to industry hopes for a bonfire of regulation in an announcement pencilled in for later this month. Following his controversial decision to scrap the Brussels-imposed cap on bankers' bonuses, Mr Kwarteng is expected to announce significant changes to the Solvency-II framework governing the insurance industry, as well as other post-Brexit reforms.
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