Some in the City, which has witnessed a significant slowdown in business since the outbreak of the war in Ukraine, are sure to be outraged by the £24.3 million increase to £321 million, according to a report by the Evening Standard. The Bank of England says it needs 100 additional employees to investigate “new policy responsibilities” that have arisen as a result of Brexit. It also wants to keep an eye on the surge in crypto trading, which is typically dominated by novice investors. It has already been advised that banks should use “especially cautious” while dealing with crypto-assets such as Bitcoin. Deputy governor Sam Woods said:
City executives are not happy with the Bank
City executives are already privately complaining that the Bank and the Financial Conduct Authority (FCA) are taking up much too much of their time doing surveys on a wide range of subjects. David Buik of Aquis Exchange stated: In March, the Bank started developing the first draft of the United Kingdom’s regulatory framework for crypto assets, stating that although the industry was still small, its fast expansion might represent a threat to financial stability in the future if left unchecked. As a result of fears that crypto may be used to avoid financial sanctions placed on Russia after its invasion of Ukraine, cryptocurrencies have once again come under the regulatory spotlight.
