Achieving Sustainable Long-Term Economic Recovery and Growth
17 November 2022
We will review the current rules in business lending to evaluate whether the current UK requirement of 100% risk asset weighting for unsecured lending (as opposed to the 50% requirement as suggested by the Bank of International Settlements) strikes the right balance be- tween encouraging business lending and financial stability b. [...] We aim to make the UK one of the most dependable and predictable locations to do business by creating a clear framework with- in which business can operate reliably in the face of changing expectations: 6. [...] For those companies the operations of which are of particular public interest (including but not limited to banks, utility businesses, major digital platforms, etc) we will extend the duties of their regulators to examine those annual reports about their impact on the public good and spread best practice by engaging with the companies concerned on potential improvements 8. [...] Clarify that the duty of directors under company law is to act in the long-term interests of the company as a whole in fulfilling its stated purpose, and require boards to ensure the company’s values, culture and strategy are aligned with the implementation of its purpose 9. [...] Undertake a review of the corporate governance framework to ensure that it reflects these evolv- ing expectations and enhances the UK’s reputation as one of the most forward-looking locations for building and growing businesses that are sustainable in the long term.