Chancellor Jeremy Hunt will introduce a major reform of the UK's financial sector, with plans to rip up red tape and replace a number of EU regulations.
The changes, to be announced later in Edinburgh, will speed up growth as the country struggles with a sluggish economy and a cost of living crisis, according to Hunt.
He said that the financial services sector of the country is the powerhouse of the British economy, driving innovation, growth and prosperity across the country.
With leaving the EU we have a golden opportunity to reshape our regulatory regime and unleash the full potential of our formidable financial services sector. The chancellor will outline more than 30 regulatory reforms, with hundreds of pages of EU rules to be reviewed, repealed and replaced, ranging from disclosure for financial products to prudential rules governing banks.
The regulation that requires major banks to keep investment and retail banking separate is one of the rules in the spotlight.
This rule was introduced in 2019 and was designed by the Bank of England to increase the stability of the UK financial system and prevent the costs of failing banks falling on taxpayers. Reforms would see banks released from the requirements if they don't have major investment activities.
The rule that triggers it to be raised is something that banks have previously pushed for being axed or raising the deposit threshold.
London is under pressure after being overtaken by Amsterdam as Europe's top share-trading centre, and the EU is updating its financial rules to reduce its reliance on the city.
Bank of England director Phil Evans said on Wednesday that being a global financial centre brings a number of benefits to the British economy, but it also brings responsibilities such as resisting pressure to cut standards in the short term.