LONDON – The Competition and Markets Authority (CMA) and the Bank of England (BoE) today announced a new partnership aimed at strengthening economic stability in the UK. The memorandum of understanding, which is not legally binding, sets out commitments that will improve cooperation and information exchange between the two institutions.
The memorandum sets out a framework for regular consultations and exchange of information on policy developments and ongoing research. This collaborative effort is designed to support the legal functions of the CMA and the Bank of England, ensuring their operations are well coordinated in serving the country’s economic interests.
Sarah Cardell of the Capital Markets Authority and Andrew Bailey of the Bank of England have voluntarily agreed to be bound by the terms set out in this non-legally binding agreement. Their commitment reflects a joint effort to enhance transparency and efficiency in their regulatory and monetary functions.
Full details of the MoU have been published on the CMA’s website, giving stakeholders and citizens the opportunity to understand how these key financial authorities plan to cooperate more closely. This initiative is seen as a positive step towards promoting a stronger economic environment in the UK by harnessing shared knowledge and experience.
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