1 Notwithstanding the fact that the EU has introduced additional proportionality measures in its updated Capital Requirements Regulation. 2  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  2  As the host of a very large international financial centre, we also have a global responsibility to maintain high prudential standards in the UK. This is important for the Bank of England’s objective of financial stability, but it also makes sense for industrial policy for the UK financial services industry: we want people to bring their money to the City for the right reasons, not the wrong ones, and we have no interest whatsoever in a race-to-the-bottom approach to financial regulation. And it was very good to see the Chancellor making this same point clearly in his wide-ranging address to the House of Commons on Monday. None of that is to say that nothing will change as we leave the EU. Financial regulation is constantly developing as financial services change, and it is clear that neither the EU nor the UK wishes to be shackled in lockstep with the other as these developments occur in both jurisdictions. But of course financial regulators tend to be interested in similar things, we coordinate with each other across borders constantly, and we hammer out international agreements at the Financial Stability Board, the Basel Committee, and the International Association of Insurance Supervisors in order to keep us moving forward together as we tackle issues like climate change, cyber and operational resilience.
Indeed, the Lord Mayor’s Green Horizon Summit in London this week is a great example of this sort of activity. Our commitment to those mechanisms of international coordination, including working closely and cooperatively with our European colleagues, will not waver with Brexit – indeed we will double down on them. Still, it is reasonable to ask: what will be different? I have a strong interest in this but ultimately it’s for the government and parliament to decide, and the Treasury already has this question firmly in its sights in the 2  form of its Future Regulatory Framework consultation, which was published last month. But as one very small contribution to that debate, I would like to suggest three lodestars to guide us:   first, high regulatory standards – no surprise to find that on my list! More seriously, for the reasons I just gave I do think that is a vital ingredient of our future success;    second, responsible openness. By international standards the UK is very open to financial services, and we will continue to put a huge effort into making this work safely for us and the rest of the world, including those in the EU who want to do business with the UK; and    third, dynamism.