Last week, 58 leading economists in the UK wrote an open letter to Chancellor Rishi Sunak and the Economic Secretary to the Treasury, John Glen. The letter outlines concerns regarding proposals to make ‘competitiveness’ a greater focus in financial regulation, as announced in the Queen’s Speech.
The economists believe that competitiveness is an 'inappropriate objective' with which to charge financial regulators. Not only could it risk slowing economic growth and incentivising excessive risk-taking, the economists argue, but it is also a vague objective that could cause a regulatory 'race to the bottom.'
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