The Chancellor has outsourced key areas of the Treasury’s post-Brexit legal work as the in-house legal department struggle to deal with the complexity.
As reported by the Telegraph, Rishi Sunak has hired City law firm Hogan Lovells to advise the government on financial regulation, with the in-house legal team being “unable to support the demand”.
The government is on a quest to reshape the financial service space as the UK carves out its post-EU era.
In an official document seen by the paper, the legal team were hired to support “a period of continued change as the UK consolidates its position, both internationally and domestically, following its exit from the EU”.
The Treasury, as well as other government departments, have been criticised for outsourcing work to expensive City partners, whether that be consultants or Magic Circle lawyers.
It is understood that Hogan Lovells will be paid at least £2m for its advisory role with the government.