Sunak fuels up for dark journey into City’s shameful and scandal-ridden past

The chancellor has unveiled plans to tear up EU law in favour of regulation to promote ‘growth’ and ‘international competitiveness’. It looks like a repeat of the ‘light touch’ regulation under Labour that led to the financial crisis. Sunak, a former banker, should know better, writes James Moore

Ready for a race to the bottom? Rishi Sunak wants regulators to prioritise ‘international competitiveness’ (PA )

Quite possibly the scariest story of the day, even the week, emerged from HM Treasury courtesy of its plans for the future of the City of London.

The chancellor, Rishi Sunak, outlined what he described as a “once in a generation” opportunity for “the reform of UK financial services regulation following the UK’s departure from the EU”.

Now, I admit that doesn’t look very scary. It contains the word “regulation”. It includes Brexit and the EU. So a good cure for insomnia?