Bank of England says small banks could reap Brexit regulatory dividend

FILE PHOTO: A sign for Bank Street and high rise offices are seen in the financial district in Canary Wharf in London, Britain, October 21, 2010. REUTERS/Luke Macgregor/File Photo - Copyright Luke MacGregor(Reuters)

By Reuters

Published on 17/01/2019 - 16:04•Updated 19/04/2024 - 18:26

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LONDON (Reuters) - Brexit could allow Britain to simplify rules for smaller banks to boost competition in a sector still dominated by the "Big Four" lenders, the Bank of England said on Thursday.

Financial rules in Britain are written by the European Union, which the UK is due to leave in March.