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Former Bank of England Governor Warns UK Financial Regulation Too Severe

© AP Photo / Kathy WillensFormer Governor of the Bank of England Lord Mervyn King (File)
Former Governor of the Bank of England Lord Mervyn King (File) - Sputnik International
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Former Governor of the Bank of England Lord Mervyn King stated that while the United Kingdom has developed detailed and severe banking system regulations it failed to go "far enough with tackling the fundamental problems that caused the crisis in 2008."

EDINBURGH (Sputnik) — The regulation of the banking system in the United Kingdom has gone too far while more focus should instead be placed on dealing with the issues that led to the 2008 global economic crisis, former Governor of the Bank of England Lord Mervyn King told Sputnik.

"My worry is that we have introduced such complex regulation that we have not really hit the target we needed to hit. The rule book governing the financial service is now over 10,000 pages. What is happening now is that if you work in a bank, before you do anything, you must go and speak with the Compliance Officer. This is not a healthy outcome," King, who was Governor of the Bank of England at the time of the 2008 economic crisis said.

A London bus passes the Bank of England in London, Thursday, Aug. 4, 2016 - Sputnik International
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He added that while the United Kingdom has developed detailed and severe banking system regulations it failed to go "far enough with tackling the fundamental problems that caused the crisis in 2008."

King went onto call for greater international leadership in order to avoid another economic slump and urged all countries to make a concerted effort to "rebalance their economies" to ensure a return to sustainable growth.

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