Bank of England's Jonathon Woods Advocates for Strong Financial Regulation Amid Planned Relaxation of Rules and 40 New Bank Startups

Bank of England Deputy Governor Jonathon Woods emphasized the importance of maintaining robust financial regulations in the UK, advising against a 'race to the bottom' approach. He noted that the government aims to promote responsible risk-taking, specifically mentioning ongoing reforms related to bonus caps and deferral periods. Woods also highlighted the success of the Prudential Regulation Authority (PRA) in authorizing 40 new bank startups, asserting that this achievement places the UK 'streets ahead' of other national regulators in fostering a competitive banking environment. Additionally, reports indicate that the Bank of England is set to relax certain rules for banks and insurers.