City Of London
Sue the BOE? City Minister Surprises Bankers With a New Idea
- Griffith said to suggest banks take legal action on Basel
- UK regulators keen to adhere to international standards
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A UK government minister has suggested banks could sue the Bank of England over new rules that will force them to hold more capital for customer loans, potentially increasing borrowing costs for small businesses.
Andrew Griffith, the City minister, raised the prospect of legal action during meetings with firms worried about how Britain will interpret the global Basel reforms, according to people familiar with the matter who didn’t want to be named discussing private talks.