De-regulating the City would be self-defeating, says BoE's Woods

© Reuters. FILE PHOTO: People stand outside of the Bank of England in London, Britain, October 10, 2022. REUTERS/Hannah McKay

LONDON (Reuters) – Competitive de-regulation to win global business for the City – London’s financial district – would be self-defeating as maintaining financial stability is key to competitiveness, Bank of England Deputy Governor Sam Woods said on Thursday.

“The UK’s reputation for robust, independent and open regulation is a hard-won asset, and it is a vital part of what makes the City an unparalleled global success story,” Woods said in a speech to be delivered to the annual Mansion House dinner in the City of London.