The Treasury should not be howled down for trying to spot new opportunities for the UK’s finance industry. But its ambitions for the City do not alter the case for stringent regulation.
The City of London is forever trying on new mantles. In 2012, UK chancellor George Osborne spearheaded a push to make it the biggest renminbi trading hub outside China.
Six years later, his successor, Philip Hammond, talked up the UK’s chances of leading the world in green finance. Now, the Treasury is turning its attention to blockchain.
