central bank of england

The Bank of England’s regulatory arm has raised its budget by $31.6 million (£24.3 million) for the coming financial year saying that costs have increased due to its growing responsibilities and preparations for “emerging risks in the financial system”. According to the latest business plan released on Wednesday April 20 by the Prudential Regulation Authority (PRA) its budget for the 2022/23 financial year is £320.9 million ($418 million), an 8.2% increase from last year. The PRA Chief Executive Sam Woods outlined its plan for the year ahead saying it was: “Committed to keeping pace with innovation and emerging risks, including the ongoing digitalization of financial services and the growth of crypto assets.” The PRA states that the United Kingdom’s withdrawal from the European Union, alon...

The Bank of England’s regulatory arm has raised its budget by $31.6 million (£24.3 million) for the coming financial year saying that costs have increased due to its growing responsibilities and preparations for “emerging risks in the financial system”. According to the latest business plan released on Wednesday April 20 by the Prudential Regulation Authority (PRA) its budget for the 2022/23 financial year is £320.9 million ($418 million), an 8.2% increase from last year. The PRA Chief Executive Sam Woods outlined its plan for the year ahead saying it was: “Committed to keeping pace with innovation and emerging risks, including the ongoing digitalization of financial services and the growth of crypto assets.” The PRA states that the United Kingdom’s withdrawal from the European Union, alon...