UK plans regulatory overhaul to strengthen London as a financial center

LONDON—The UK government has said it is set to ease rules for banks, insurers and investors to help London remain the financial center of Europe post-Brexit and revive the economy by loss of momentum of the country.

The new UK Finance Minister, Nadhim Zahawi, said on Tuesday that the government would introduce legislation to replace hundreds of European Union financial regulations. The changes would draw investors and businesses to London and « unleash the power of business, spur innovation and support job creation », he said in a speech.