Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Bank of England Governor warns Hunt over City deregulation

by December 14, 2022
December 14, 2022
Bank of England Governor warns Hunt over City deregulation

The governor of the Bank of England has sounded a warning note to the government not to move too far or too fast in deregulating the City.

The stronger rules put in place after the banking crisis of 2007-09 were “done for an important reason”, said Andrew Bailey, and were “pretty fundamental planks” that should not be removed. His comments came three days after Jeremy Hunt, the chancellor, outlined 30 City reforms that he said would do away with hundreds of pages of EU legislation and “turbo-charge growth”.

These included changes to the ring-fencing rules, introduced to protect UK taxpayers from having to bail out banks again, new freedoms for building societies and the watering down of disclosure rules for short-sellers.

While Hunt said the changes were proportionate and took account of consumer protection and financial stability, some argue that they could chip away at hard-won reforms. Sir John Vickers, the former Bank chief economist and architect of the ring-fencing rules, said they could take the UK down an “extremely dangerous path”.

Bailey said regulation should not be set in stone but added: “I would, however, caution that the notion that we’re past the financial crisis and we therefore don’t need the regulations that we had post the financial crisis, I would not go along with that view.” The tougher regime was “not done just to address a particular problem that then went away. It was done to put down what I would regard as pretty fundamental planks of the regulatory system”.

He was speaking as he published the Bank’s Financial Stability Report, which called for minimum standards in liability driven investment. The £1 trillion investment technique used by traditional pension schemes exacerbated the gilts crisis in September.

Read more:
Bank of England Governor warns Hunt over City deregulation

0
FacebookTwitterGoogle +Pinterest
previous post
Grant Shapps defends flexible working rights
next post
UK inflation falls to 10.7% in November

You may also like

Gresham House Ventures invests €4.25m in accessibility platform...

January 27, 2025

Strategy Insights Top 5 AI Trends Shaping IT,...

December 23, 2024

Online traders face crucial HMRC deadline as eBay...

December 30, 2024

Pay gap at UK’s largest companies widens

December 18, 2023

Pimlico Plumbers founder Charlie Mullins to sell £12m...

September 7, 2024

UK borrowing pushed to new record amid energy...

January 24, 2023

BBC and rival broadcasters fined £4.2m for colluding...

March 21, 2025

UK mortgage rates could start to reduce within...

July 20, 2023

TUC chief defends workers’ rights bill and dismisses...

April 22, 2025

Blow Up on SoundCloud: Tips to Get Your...

November 6, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved