BBA: UK must not accelerate ahead of EU on banking reforms

Posted by Helen Jones

Britain must not move too far ahead of its international counterparts in terms of banking reform in the aftermath of the worldwide monetary slump, it has been stated.

According to the British Bankers' Association (BBA), such a measure could end up hindering the country's overall economic recovery following the recession as it may tip the "playing field of global commerce in favour of our competitors".

In a letter to chancellor of the exchequer George Osborne, Marcus Agius - chairman of the BBA, which represents more than 200 banks in over 60 countries worldwide - noted that the UK has a tendency to "add to European Union decisions when implementing them" into its own law, which then imposes a higher level of requirements on the nation's industry.

"These are not just issues for banks; they have a direct impact on the provision and pricing of finance in the economy," he added.
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26/01/2011 15:17

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