Britain Sees The Way Out

According to Bloomberg,

Prime Minister Cameron to Seek Easing of U.K. Bank Rules, Telegraph Says

U.K. Prime Minister will seek a “significant watering down” of a planned overhaul in banking regulations because the new rules may hurt growth and spur lenders to quit the country, the Sunday Telegraph reported.

Cameron told senior cabinet officials that any proposals from the Independent Commission on Banking to split banks’ retail and investment units or require lenders to raise capital must be reviewed, the newspaper reported, citing unidentified officials. The government is concerned that HSBC Holdings Plc (HSBA) and possibly other banks may move operations away from the U.K. if planned “ring-fencing” rules are implemented, according to the Sunday Telegraph.

There may be hope after all -- and this is it. Unencumbered by the EU as it circles the drain -- has anyone thanked Margaret Thatcher lately?