According to statements made by Deputy Governor Sam Woods on Monday, the Bank of England (BoE) is willing to engage in conversations with the government of the United Kingdom over innovative approaches that could assist in boosting economic growth by reducing the regulatory requirements for the financial services industry.

Donald Trump, the incoming president of the United States, is expected to lessen regulations on U.S. banks. Consequently, financial regulators in other nations are pressured to relax their policies.

In a letter to Prime Minister Keir Starmer, Woods stated that the Bank of England was already working on five areas that may help the government’s pro-growth program. These areas include easing post-Brexit requirements for small banks and encouraging insurers to invest in British assets.

Bank of England Aims to Simplify UK Financial Rules with Government Collaboration

“Beyond these five areas, we would like to explore with colleagues in HM Treasury and the Department of Business and Trade whether there are wider changes which could help to simplify and rationalise the UK regulatory regime or support UK growth in other ways,” Woods stated in the letter that was sent on January 15.

The formation of a “concierge service” for foreign investors, the reduction of the Bank of England’s regulatory principles, especially those about climate change, and the avoidance of overlap in governance and disclosure standards are all examples of the kinds of reforms that may be implemented, according to him.

Woods concluded that the Bank of England‘s views on the reforms were “underdeveloped” and that it would be open to discussing them with the government to assess their potential value.

Because there are concerns that the United States would choose not to participate in reforms intended to enhance the global banking system, Woods stated earlier this month that the United Kingdom should avoid taking part in a “race to the bottom” over financial regulation.