Bank of England look at new ‘concierge service’ to boost economic growth [Video]

The Bank of England has proposed ideas to help meet the Government’s call to boost economic growth, including a new “concierge service” for foreign firms entering the UK market, writes David Connett.

Ministers have written to the Bank and other regulators to come up with ideas that will encourage investment and growth in the British economy.

In a reply to Keir Starmer, Sam Woods, the Bank’s deputy governor for prudential regulation, said it was already working on five areas that could help the Government’s progrowth programme.

They include encouraging insurers to invest in UK assets, simplifying post-Brexit rules for small banks and streamlining the process for creating new rules.

Other changes could include the creation of a “concierge service” for foreign investors looking to invest in the UK, easing the Bank’s regulatory approach on climate change and disclosure requirements, he said.

He said the Bank planned to work with the Treasury and other regulators on …