Bank of England to ease rules for lenders to boost UK competitiveness

City Minister Andrew Griffith suggested that British banks sue the Bank of England over banking reform Photo: REUTERS/Henry Nicholls

Andrew Griffith, the City Minister even suggested that banks could sue the regulator over its interpretation of the reforms.

While the proposed changes are likely to still be seen as insufficient for Britain's global advancement, one of the leaders the financial services industry said the PRA's involvement in the matter was constructive. “I think Sam [Woods, PRA's CEO] is listening.”

Unlike Solvency II, the Basel Rules are solely determined by the PRA, and it's clear that decisions on any changes have not yet been made. Consultations on the proposals ended in March.

Phil Evans, PRA's director of policy, insisted late last year that they would not “significantly increase capital requirements.”

The Bank England declined to comment.