Don't Create Booms And Busts With Post-Brexit Reforms, Bank Of England Says

• A senior Bank of England official has said that requiring regulators to keep the financial sector globally competitive following Brexit must not bring back the damaging booms and busts of the past. 
• Britain's finance ministry has said it will add a formal objective for the central bank and the Financial Conduct Authority to support financial sector competitiveness and long-term economic growth, without damaging their ability to keep firms and markets safe or protect consumers. 
• The financial sector specialists say London will remain a global financial centre after it was largely cut off from the European Union following Britain's departure. Critics warn of a return to the 'light touch' regime that ended with taxpayers bailing out banks in the financial crisis over a decade ago. 
• The BoE will consult around mid-year on implementing changes once the government has set out its plans. The new competitiveness objective could also influence other reforms such as implementing new global bank capital rules and making Britain's wholesale capital market more attractive to global investors.

(Source: Reuters)