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Home / Business News / Bank of England to propose simpler rules for small banks

Bank of England to propose simpler rules for small banks

Britain will adopt less bureaucratic financial rules after Brexit, starting with simpler regulation of small banks, Bank of England Deputy Governor Sam Woods said on Tuesday.

business Updated: Sep 22, 2020, 14:50 IST
Reuters | Posted by Niyati Singh
Reuters | Posted by Niyati Singh
London
The Bank of England and the Royal Exchange as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 19, 2020.
The Bank of England and the Royal Exchange as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 19, 2020. (Reuters photo)

Britain will adopt less bureaucratic financial rules after Brexit, starting with simpler regulation of small banks, Bank of England Deputy Governor Sam Woods said on Tuesday.

The BoE will propose the simpler rules for smaller lenders in a month or so, a step that would have been impossible to agree if Britain was still in the European Union, Woods told a City Week online event.

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