Mini Budget 22: Government to 'scrap' Solvency II to boost investment

Chancellor says replacing EU law with rules ‘tailor made for the UK’ will free up billions

Jonathan Stapleton
clock • 1 min read

The government will replace Solvency II regulations with “rules tailor made for the UK” in a bid to free up billions of pounds of investment, Kwasi Kwarteng has announced.

In the HM Treasury Growth Plan 2022 - released as part of the Mini Budget today - the chancellor said the financial services sector would be at the heart of the government's programme for driving growth across the whole economy. The plan said that, later this autumn, the government would "bring forward an ambitious deregulatory package to unleash the potential of the UK financial services sector". It said this would include the government plan for repealing EU law for financial services and replacing it with rules tailor made for the UK, and "scrapping EU rules from Solvency II" to fr...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA's Consumer Duty review finds weak focus on customer outcomes

FCA's Consumer Duty review finds weak focus on customer outcomes

Review into firms’ outcomes monitoring

Sophia Panayi
clock 27 July 2026 • 2 min read
PRA publishes consultation into mutual transfers

PRA publishes consultation into mutual transfers

Encouraging “healthy market dynamics”

Cameron Roberts
clock 22 July 2026 • 2 min read
IPT raises £2.17bn in Q1 26/27

IPT raises £2.17bn in Q1 26/27

Up £2m year-on-year

Cameron Roberts
clock 21 July 2026 • 2 min read