Budget: International competition to become new priority for City watchdogs
The Treasury is reportedly going to reveal this week that City regulators must consider competition as much as they do safety and soundness when making key decisions.
The move, set to be unveiled in the budget, is expected to be accompanied by a cut in surcharge tax on banks’ profits.
The Treasury has been in the process of finalising its consultation paper on the future of regulation in the country post-Brexit.
It could see global competition added to the list of priorities for London’s watchdogs.
Competition is already a key concern for some City regulators, with the Financial Conduct Authority and the Competition and Markets Authority already keeping an eye on how competition best serves consumers.
Though some believe that adding international competitiveness to the bow could overhaul the approach regulators currently take.
Regulatory reforms have been called for for some time, from across capital rules for insurers, medium-sized bank capital standards and the ring-fencing of high street lending and investment banking for banks.
Though there is room for change, as some ministers remain cautious about a string of deregulating measures, the Times first reported.