HM Treasury's announcement on the Wholesale Markets Review outlines the next phase of an ambitious plan to boost competition and drive efficiencies in the UK's capital markets.

Capital markets are a significant driver behind the success of the UK's financial services sector, both domestically and internationally. They are a key export market and also play a vital role in providing businesses of all sizes with the finance they need to grow and develop.

We are pleased to see the government is going to make changes that will support more dynamic UK capital markets, delivering greater choice for customers and clients.

The important thing now is for the plans outlined by the government to be brought into force as soon as possible. Alongside that, we will continue to make the case for proportionate and agile regulatory reform to a critically important part of the financial services sector economy.