Mark Carney, Governor of the BoE, delivered a speech at the annual Mansion House dinner on how the UK financial system can continue to serve the UK and the world, in the face of major structural changes.
In his speech, Mr Carney outlined how the BoE is changing to support the development of the UK financial system. Among his comments, he heralded the change in the nature of commerce, which is now fueled by intangible capital and data, and noted that the BoE is working on a rebuild of the Real Time Gross Settlement payment system, which will provide a platform for private innovation and make it easier and cheaper to make and facilitate cross-boarder payments.
Mr Carney also described responsible openness as resting on three pillars: strong global standards, deep supervisory cooperation, and ending ‘too big to fail’. He described steps that have been taken and are ongoing to support these pillars, in particular the government’s new Global Financial Partnerships Strategy.