WIREDGOV

Matthew Fell, CBI Director for Competitive Markets, said:

“The Basel III reforms are an important piece of the jigsaw to strengthen the global banking system. They should be implemented in a way that minimises local variations in order to create a level playing field for UK banks, and more importantly to ensure that access to finance is not more expensive for UK businesses than it is for their international competitors.

“But it is important that the rules allow national regulators scope to respond to emerging financial risks in their domestic economies.

“Legislators should now focus on scrutinising the impact of the proposed rules on business and the broader economy. The benefits from greater financial stability must be proportionate to the cost that businesses will bear, for example in using day-to-day risk management products such as interest and foreign exchange rate hedging.”

Notes to Editors:

The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi the CBI communicates the British business voice around the world.