U.K. government's plan to overhaul financial sector and banks explained

U.K. government's plan to overhaul the financial sector and banks explained

So over in the united kingdom, the government understands nod the overall of the financial sector. The plan has been dubbed reforms. For more on this, let's bring in a foreign correspondent in London. I heard about this morning.

I wonder about the timing now for it. I understand this new fresh government has to do something. What more can you tell us about the UK's plans to ease regulations on financial services.

There's the shadow of the 2008 financial crisis they mentioned looming over this story. There's the shadow of Brexit which the government is saying biggest overhaul in 30 years. This is with the country on the edge of an official recession.

The hope is that this reform package might protect or cushion against that with a lot of rewards, there's a lot of risks. We'll watch to see how financial stocks perform moving ahead over the next few months and year are you forgetting what happened in the financial crisis.

People are fearing they're putting that aside from what happened 14 to 15 years ago. The man behind the independent banking commission got banking rules. He said it could be detrimental. There's criticism that reforms lead to too much easing. One labor politician is saying this is a race to the bottom.

It introduces more risk that the assistant can't potentially handle. There might be more financial instability. This is an opportunity because the UK broke from Europe. Brexit did happen. Critics may see this as desperation.

They're going to make a significant shift in their zero covid policy. They're going from zero to 100. They're lifting everything after basically three years of shutting down whole cities after maybe 100 cases pop up. When I heard this, I thought of two things. Is this too little too late?

Perhaps companies have shifted the final turn on ways to get their products out there. I also thought there are going to be new cases. What's going to happen there? I'm curious about how the world markets are reacting. Are they asking themselves that question too about china? What impact this could have on the global supply chain.

I think it's so much too little too late. It's been said often and I'll say it again. The world catches a cold. The flip side when china feels better has world does too. They'll react to the premiere by saying that china's economic growth will continue to pick up after Beijing adjusted to covid measures in effect ending that covid zero policy.

This means on the bright side that there's easier freedom of movement for people. When you think of that, you think of office workers going back to work. Factory workers going back to factories. China's machine can get back online. That's where you see the domino effect easing the global supply chain.

When there's a bottleneck, there's inflation. We're all feeling that now. Because of that inflation, there are higher interest rate hikes. Could be eased by central banks. Now Morgan Stanley is saying stocks perform better than other markets. Bowlish for the first time in two years actually.

There's the fear covid infections are expected to surge in the next few months. The next estimate says 5.5 million will get sick each and every day and the tougher number there.

I hesitate to say this. 1.5 million to 2.5 million people are predicted to die from covid in china the way things are going there's one massive health storm coming. The economy trying to open up.

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