Brexit proposals for City of London fall far short of 'Big Bang’

City of London skyline. The British government said it will overhaul 'overbearing EU rules which put companies off listing in the UK'.

The UK set out a package of financial services reforms that cuts across dozens of areas but fell short of the 'Big Bang’ that politicians were promising earlier this year and is unlikely to deliver the dramatic reshaping that some Brexit supporters envisioned.

The measures include relaxing ring-fencing capital rules to lighten the burden on smaller banks and plans to replace EU regulation covering areas such as disclosure for financial products, according to the UK Treasury.