MNI BRIEF: BOE To Encourage Responsible Innovation - Mills

The UK is committed to fostering innovation while safeguarding financial stability, Bank of England Financial Market Infrastructure Executive Director Sasha Mills said Wednesday.

The BOE is not only adapting to change, but is actively enabling it, Mills said, as it develops a financial system that is robust, efficient, and prepared to meet future challenges. "Through these efforts, we support the UK’s position as a leading global financial centre," she added.

New technologies, including implenting AI, will allow the Bank of England to achieve its regulatory aims more efficiently, with the BOE facilitating the responsible adoption of new technology”. Mills emphasised that systems at the heart of the financial system must remain resilient and regulated.