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Update: HSBC, Lloyds, NatWest, Santander Chiefs Call For Removal of UK's Ring-fencing Regime
The CEOs of the four major Banks in the United Kingdom have written to the Chancellor of the Exchequer, requesting the cancellation of the "ring-fencing" policy.
Sky News UK reported on Saturday that the CEOs of HSBC Holdings, Lloyds Banking Group, the National Westminster Group, and Banco Santander's UK branch recently co-signed a letter to the United Kingdom's Chancellor of the Exchequer, Rachel Reeves, requesting the removal of the 'ring-fencing' policy targeting the banking industry. In a letter to Reeves this week, these CEOs stated that the 'ring-fencing' policy, which separates Consumer lending from the more volatile investment banking business, 'not only hampers the banks' ability to support businesses and the economy but is now redundant.'
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