Toby Melville/Reuters
The Bank of England (BoE) headquarters are in London.
A central bank official said the Bank of England (BoE) may not have enough resources to implement an additional goal of keeping the UK a competitive global financial centre.
The British government is set to release a bill this week to take advantage of post-Brexit “liberties” to set its own financial rules.
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But lawmakers have signaled skepticism about giving regulators a secondary task of competitiveness, fearing it would mean a return to the “light touch” slate that ended up bailing out banks more than a decade ago.
“I think the standards the UK currently has are internationally recognized,” said Marjorie Ngwenya, who was chosen by the Treasury as the new external member of the Bank of England’s Prudential Regulatory Commission (PRC).
The People’s Republic of China makes the most important decisions of the Bank of England’s Prudential Regulatory Authority (PRA), whose top priority is to maintain the health of banks and insurance companies and protect policyholders.
“I am not sure at this point if the PRA has sufficient resources to be able to consider this new target,” Ngwenya said at a hearing with Parliament’s Treasury Select Committee.
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