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The Bank of England said it is considering setting up a “concierge service” to help foreign companies looking to establish a UK operation, as it responded to the government’s request for growth-enhancing measures.
The central bank has been studying a similar service that is already offered in Singapore, Sam Woods, head of the BoE’s Prudential Regulation Authority, said in his letter to the prime minister published on Monday.
The government has called on the PRA and 16 other UK regulators to present ideas for rule changes that could increase risk-taking and investment in the economy, as Sir Keir Starmer seeks to deliver on his promise to boost growth.
Woods said the PRA “recognises and strongly supports” the government’s focus on enhancing growth and “responsible risk-taking”. But he made clear that its main objective was still to preserve financial stability, without which growth would suffer.
This is a developing story
