The UK's Business Minister Kemi Badenoch has urged the Financial Reporting Council (FRC) to consider the impact of its rules on the country's competitiveness and growth. This comes as Britain aims to strengthen the global influence of its financial sector amid competition from New York and EU centers post-Brexit.
"At a strategic level, in fulfilling its core purpose to enhance public trust and confidence in corporate governance, financial reporting and audit, the FRC should contribute to promoting the competitiveness and growth of the UK economy, embedding its growth duty across its work," Badenoch wrote in a letter to FRC CEO Richard Moriarty.
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