The deputy governor, Sam Woods, assured that the monetary entity is willing to simplify and rationalize the British regulatory regime and seeks to discuss it with the political authorities.
The Bank of England wants to discuss possible reforms with the government.
The Bank of England (BoE) is open to discussing with the British government the relaxation of regulations for financial institutions Lieutenant Governor Sam Woods said Monday. Silk in tune with the intentions of the new president of the United States, Donald Trump.
Expectations are that Trump will dramatically reduce regulations for US banks. Against this backdrop, regulators in other countries are under pressure to relax their positions.
The British monetary authority is willing to simplify rules
In a letter to Prime Minister Keir Starmer, Woods said the BoE was already working on five areas that could help the Government growth promotion program, including simplifying post-Brexit rules for small banks and the push for insurers to invest in British assets.
“Beyond these five areas, we would like to explore with our colleagues at the Treasury and the Department of Business and Enterprise whether there are wider changes that could help simplify and streamline the British regulatory regime or support UK growth in other ways,” Woods said in the letter dated January 15.
The changes could include the creation of a “concierge service” for foreign investors, reducing the Bank of England’s regulatory principles, including those relating to climate change, and avoiding overlapping governance and disclosure requirements.
The Bank of England’s idea of these changes is “less developed” and it would like to discuss with the Government whether they are worth pursuing, Woods concluded.
Earlier this month, Woods said the UK should avoid engaging in a “race to the bottom” on financial regulation, amid concerns that the US may not participate in reforms designed to strengthen the banking system. world.
Source: Ambito
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