Woods emphasized that risk is essential for a thriving capitalist economy, stating, "Risk is the lifeblood of a thriving capitalist economy, fuelling growth and innovation." He warned that eliminating risk would hinder innovation and stagnate the City.
Woods described the balance between regulation and risk management as crucial, stating, "It's implausible that good businesses can thrive in an environment of ever-expanding regulation," highlighting the necessity for a sustainable regulatory framework.
Highlighting recent changes, Woods noted the PRA's decision to scrap the cap on bankers' bonuses, calling it "damaging to competitiveness," which signals a move toward reducing unnecessary regulatory burdens.
Woods acknowledged concerns over increasing regulation, stating that making financial institutions safer could backfire, explaining that excessive regulation risks stifling innovation and economic growth.
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