The governor of the Bank of England Mark Carney (pictured above) has suggested that the economy requires a “new finance”, which in turn requires a “new Bank of England”.
In a speech at the Innovate Finance Global Summit in London, Carney focused on how new finance could serve the “digital economy” and support the “major transitions underway across the globe”.
“A new finance with products that are more cost effective, better tailored and more inclusive,” he added.
“The UK’s fintech companies are creating this new finance.
He referenced the fintech sector leading in terms of talent, drive and investment.
“But you cannot do it all on your own.
“Your efforts will be even more effective if you have the right conditions in which to innovate and the level playing fields on which to compete.
“That’s why a new finance demands a new Bank of England.”
He concluded: “By adapting our hard and soft infrastructure, the Bank of England will help create the conditions for such innovation to flourish to promote the good of all the people of the United Kingdom.”
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