John Healey has told Bank of England governor Andrew Bailey to loosen banking regulation “as quickly as possible” after the government raised taxes on the sector in the Budget. The Chancellor wrote to Bailey following the Budget with a direction for the Financial Policy Committee (FPC) to balance its stability mandate with support for economic growth.
Healey tells Bailey to loosen UK banking regulation after tax hike
UKPulse News DeskChancellor John Healey has written to Bank of England governor Andrew Bailey, urging him to relax banking regulations in response to the government's recent tax increase on the sector.
- The Chancellor wants the Financial Policy Committee (FPC) to balance its stability mandate with support for economic growth
- Healey called for accelerated changes to bank capital rules and a relaxation of borrowing caps
Why this matters: The move could impact banks' ability to lend and contribute to UK economic growth
What this means for you: If you're planning to buy a home or take out a mortgage, the changes to bank capital rules and borrowing caps could affect your options