Carney praises financial services sector
Bank of England governor Mark Carney has praised the UK's financial services sector and stressed the importance of the City to the overall economy, adopting a significantly softer tone than he has used in previous, more critical speeches.
Speaking at a Financial Times event, the former Goldman Sachs banker announced an easing of rules for banks in need of short-term cash, marking a change in the relationship between the Bank of England and other institutions.
Support for non-banks such as currency dealers is also on the way, the incumbent governor added.
After Mr Carney took over the role in August, the financial services sector buzzed with gossip over how he would recalibrate the industry, five years after billions of pounds of public money was invested in banks to keep them from collapsing.
While he denied that he is acting as a "cheerleader" for financial services, his attitude appears to be more positive than that of previous Bank of England governor Mervyn King.
"The point is to recognise a couple of facts. London is a global financial centre ... and the UK serves a role in maintaining an open global system," he added.
"Some (critics) ... would prefer that the UK financial services industry be slimmed down if not shut down. In the aftermath of the crisis, such sentiments have gone largely unchallenged. But, if organised properly, a vibrant financial sector brings substantial benefits."
His comments are timely, particularly as the British economy begins to find its feet and undergo something of a recovery.
The banking and financial services sector can play a major role in this, with the UK's strong international reputation and willingness to innovate meaning it remains a crucial area for businesses across the globe.
Mr Carney warned that the regulatory landscape will remain strict, however, and urged banks to adopt strong corporate governance measures if they are to succeed over the coming years.
Financial services firms must still be prudent with their balance sheets, he concluded.
Signup to receive the latest discipline specific articles
Related jobs
Salary:
£28,000 - £32,000 per annum + Hybrid working
Location:
Salford, Greater Manchester
Industry
Technology
Qualification
None specified
Market
Commerce & Industry
Salary
£30,000 - £35,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Credit Controller - HYBRID - Salford
Reference
BBBH184267
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
£35,000 - £40,000 per annum
Location:
Bolton, Greater Manchester
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH184374
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£92,000 - £100,000 per annum + Excellent Benefits Package
Location:
Manchester, Greater Manchester
Industry
Energy, Resources and Industrial
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Exciting Head of Corporate Finance and Strategy role for a leading energy organisation based in Manchester city centre paying up to £100,000.
Reference
BBBH184370
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
€85,000 - €90,000 per annum
Location:
Dublin City Centre, Dublin
Industry
Professional Services
Qualification
None specified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Process Improvement
Contract Type:
Permanent
Description
Finance Transformation Lead - Consulting - Dublin
Reference
BBBH184367
Expiry Date
01/01/01
Author
Cillian McevoyAuthor
Cillian McevoySalary:
£65,000 - £73,000 per annum + Excellent Benefits Package
Location:
Manchester, Greater Manchester
Industry
Energy, Resources and Industrial
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Corporate Finance Manager role for a leading energy organisation based in Manchester city centre offering hybrid working paying circa £70,000.
Reference
BBBH184365
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
Negotiable
Location:
London
Industry
Media & Communications
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£125,000 - £175,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
A hospitality and entertainment brand is currently looking for a Finance Director to join their team in London (Hybrid).
Reference
BBBH184244
Expiry Date
01/01/01
Author
Charlie BudderyAuthor
Charlie BudderySalary:
£67,000 - £75,000 per annum + Excellent Benefits Package
Location:
Wigan, Greater Manchester
Industry
Manufacturing
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Financial Planning and Analysis Manager for a PE backed manufacturing business based in Wigan with hybrid working paying between £67,000 - £75,000.
Reference
BBBH184364
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
£75,000 - £85,000 per annum + Car Allowance + Benefits
Location:
Crewe, Cheshire
Industry
Transport & Logistics
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Head of Commercial Finance role for a well-established organisation based just outside of Crewe paying up to £85,000 + benefits.
Reference
BBBH183457
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
£65,000 - £75,000 per annum + Additional Benefits Package
Location:
Cheadle, Greater Manchester
Industry
Manufacturing
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Group Reporting Manager role for a global manufacturing business based in Cheadle offering hybrid working paying between £65,000 and £75,000.
Reference
BBBH184108
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
£40,000 - £45,000 per annum
Location:
Greater Manchester
Industry
Consumer & Retail
Qualification
Part qualified
Market
Commerce & Industry
Salary
£40,000 - £50,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
Capex Analyst | Greater Manchester | Up to £45k | Immediate Start | 6 month FTC
Reference
BBBH184360
Expiry Date
01/01/01
Author
Jamie MillerAuthor
Jamie Miller