The British finance ministry is moving forward with its plans to require regulators to consider the financial sector’s global competitiveness when writing rules. In line with regulators in many other countries, many in the country’s financial sector want the Bank of England’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to help the City of London stay competitive around the world.
According to Rohan Lee, deputy director for financial services strategy at the ministry, “The government therefore intends to provide for a greater focus on growth and international competitiveness through the introduction of secondary objectives for the PRA and FCA. This will increase the regulators' focus on supporting the UK’s financial services sector without jeopardizing the financial stability that underpins it.”
Meanwhile, the Bank of England is still considering whether to issue a central bank digital currency
(CBDC) and how the design should respect citizens’ privacy and guarantee financial stability.
