UK government proposes ‘competitiveness’ mandate for BoE

Measure proposed despite IMF warning that it could clash with financial stability mandate

The Bank of England at night
The Bank of England

The UK government is pressing ahead with plans to give the Bank of England a formal mandate to promote the “competitiveness” of financial services, despite warnings that it could undermine financial stability.

The government published draft legislation on July 20 setting out which financial regulations it wants to scrap or change now the UK has left the European Union.

One key change contained within the Financial Services and Markets Bill is the competitiveness mandate. The bill states that

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