Jeremy Hunt: Britain can now compete in the US and Asia after my Brexit reforms

Jeremy Hunt will rip hundreds pages of EU legislation in an effort boost Britain’s post-Brexit financial service industry.

Deregulation is “not a regulatory race to the bottom,” insisted finance chiefs, and it is about “good growth and good regulation at the same time.”

Chris Hayward is the City of London Corporation’s policy chair. He said that the reforms are “not a regulatory race for the bottom”.

5 things to help you start your day

1) The national grid stands ready to push households to reduce energy useNetwork operator warns about “enhanced measure” implementation amid looming supply shortages

2) Look out for the ‘smug’ EU rules to boost a post-Brexit cityThe reform package is being presented as companies warn that the chancellor’s tax raid has had an “effective” on their economy

3) Mick Lynch warns rail strikes could continue ‘indefinitely’Unless ministers stop calling for the removal of guards from trains, industrial work will continue

4) Why Britain is using its special relationship with the United States to increase gas suppliesAn import deal to “finally end” dependence on Russian energy

5) Labor says the UK must reduce its economic dependence on ChinaRussia’s invasion in Ukraine is a wake-up call for the UK’s economic resilience

What happened overnight

Asian stocks rose following the US stocks’ first advance this month. Traders focused on US inflation figures in order to determine the direction of interest rates hikes.

The Asian stock index is on track to record its sixth weekly gain, which would be the longest such period in the past two years.

The Hong Kong Stock Exchange opened slightly better, with the Hang Seng Index rising 0.17% to 19,484.23.

The Shanghai Composite Index fell 0.23 points at 3,197.12, while Shenzhen Component Index (China’s second stock market) barely moved, rising 0.34 points at 2,064.72.

Tokyo stocks opened higher on Friday with the benchmark Nikkei225 index rising by 0.47% in early trading, while the wider Topix index rose by 0.55% to 1,952.16.