City minister John Glen quits in blow for UK financial services reforms

EuroActiv Politico News

City Minister John Glen resigned today from the government in a major blow to the U.K.’s planned financial services reforms after Brexit.

Glen, who has been economic secretary to the Treasury since 2018, said he could no longer remain in post due to a “complete lack of confidence” in Prime Minister Boris Johnson.

“I can no longer reconcile my commitment to the role and to the financial services sector with the complete lack of confidence I have in your continuing leadership of our country,” he said in his resignation letter.

His departure follows closely behind that of his former boss Rishi Sunak, who dramatically quit as chancellor on Tuesday in a move that rocked Johnson’s government.

Johnson has appointed Nadhim Zahawi as chancellor to replace Sunak as he tries to shore up his position.

In his letter to Johnson, Glen cited the prime minister’s “poor judgement” and the scandal around the conduct and appointment of former deputy chief whip Chris Pincher.

Glen has been spearheading an effort to rewrite the U.K.’s rulebook for insurance, capital markets and cryptocurrencies, as well as drawing up new objectives for the U.K.’s financial regulators after Brexit.

“Those reforms are now ready to be presented to parliament, and they represent a fundamental reset of the regulatory framework for the industry and consumers,” Glen said in his letter.

William Wright, founder of the New Financial think tank, tweeted that Glen’s departure is a “big blow to the City.”