Reuters reports that a UK banking industry body said that keeping the City of London competitive should be an "across the board" objective for Britain's financial regulators after Brexit.

Britain's finance ministry is consulting on future financial regulation after the UK's departure from the European Union cut the City off from the bloc's financial markets but left it free to set its own rules as it competes with New York, Singapore and, indeed, the EU.

UK Finance, which represents high street banks, said the international competitiveness of UK banking would be enhanced by more proportionate regulation.

Mindful that the Bank of England is opposed to a formal competitiveness objective which would require it to consider the ability of UK banks to compete globally, the finance ministry has suggested some activities could be subject to less red tape like burdensome reporting requirements.