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UK's financial resilience comes before economic growth, BOE committee says

( January 27, 2025, 17:31 GMT | Official Statement) -- MLex Summary: Economic growth comes after financial resilience, the Bank of England's Prudential Regulation Committee said in a letter to finance minister Rachel Reeves, who has called financial regulators to take on more risks to promote growth. The committee, the major decision-making body of the BOE's supervisory arm, said in the letter, dated Dec. 18 but only published today, that it is already promoting growth and will continue to cooperate with the government, but that "our role is not to regulate away all risk … we must not lose sight of the benefits of appropriate resilience now, as we look for opportunities to review the proportionality of some aspects of the regime to support UK growth and competitiveness while maintaining the stability of our financial system."Letter is attached....

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