Central Banking

Bank urges balancing act over payments competition

The Bank of England has warned the UK government that its plans to increase competition in the payments business must be balanced by the need to preserve the stability of the financial system.

The government said in August that it intended to introduce legislation to increase the level of competition in payment systems and create a regulator to oversee them. This followed publication of the report on competition in UK banking prepared by Don Cruickshank, the former telecoms regulator, which

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