So too will our work simplifying rules about reporting. [19]  Growth and competition One of the benefits of tailoring rules to UK circumstances is that it helps to facilitate effective competition in markets we regulate. I see connections between that objective, which we already have, and our new competitiveness and growth objective. That’s because an efficient market is one that allocates resources to their best use, including by ensuring that there aren’t parts of the economy struggling to access finance that they should be able to secure. I don’t want to be too simplistic about it – but in general terms what is good for competition is broadly good for growth. [20] The importance of competition means that we need to act when rules that are proportionate for large firms are not proportionate for small ones. Doing so removes barriers to entry. That is why we have invested in the Strong and Simple project to create a simplified regime for small banks and building societies. Today we are publishing our first set of policy proposals for this simpler regime. These are set out in a Consultation Paper proposing simplifications to liquidity, reporting, and disclosure requirements for banks and building societies that are eligible for the simpler regime. [21] In addition, we are also publishing a Consultation Paper proposing simplifications to remuneration rules for smaller firms. [22] These are changes we could not have made whilst we were in the EU.
That, after all, is our job. We are getting on with it, and we look forward to being judged on our performance. This represents my personal views and not those of the Bank. Any errors are my own. Particular thanks for their contributions to the speech go to Austen Saunders, Faith Bannier, Max Weidlich and Michael Pinder. My thanks also to the following people for their input and comments: Ala Marar, Andrew Bailey, Andrew Bell, Anna Jernova, Ben Dubow, Ben Guerin, Bronagh Kealey, Charandeep Biling, Charlotte Gerken, David Bailey, Eleanor Beamond-Pepler, Gao Yu, Gareth Truran, George Speight, Harriet Gamper, Jon Newton, Jonathan Haynes, Julian Gray, Lanze Gardiner Vandvik, Mariana Gimpelewicz, Matthew Willison, Millie Rettie, Nick Lock, Nigel Fray, Olatunji Jayeola, Paul Hawkins, Phil Evans, Rebecca de Hoest, Renée Horrell, Robert Miller, Sadia Arif, Sarah Breeden, Sam Woods. 1. For a taxonomy of different definitions, see: Berger, Thomas (2008), ‘Concepts of National Competitiveness’, Journal of International Business and Economy, 9(1), pages 91-111. 2. For a comprehensive literature review, see: Levine, Ross (2021), ‘Finance, Growth, and Inequality’, IMF Working Paper No. 2021/164; and Popov, Alexander (2017), ‘Evidence on finance and economic growth’, ECB Working Paper 2115. 3. ‘Growth and competitiveness – speech by Sam Woods, Mansion House’, 27 October 2022. 4. The MPC (Monetary Policy Committee) and FPC (Financial Policy Committee) have already important secondary objectives in relation to economic growth and the Bank of England as a Financial Market Infrastructure regulator is likely to acquire a new secondary objective in relation to innovation.