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BOE defends bank ringfencing rules against industry call to scrap them

( June 3, 2025, 16:59 GMT | Official Statement) -- MLex Summary: The Bank of England's governor has defended bank ringfencing rules against a call by major UK lenders to scrap them so they can better support businesses across the economy. In a letter to the chair of Parliament's influential Treasury Committee, Andrew Bailey noted that the rules were introduced after the global financial crisis to separate banks' retail activities from their riskier investment operations. Removing them, he said, "would most likely have a negative effect on UK lending, both in terms of cost and quantities, with banks directing funding from retail deposits away from UK households and SMEs and towards investment banking activities or activities outside the United Kingdom." Letter is attached....

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