Bank of England drops diversity rules for City firms as US rolls back DEI

The Bank of England's regulatory arm shared a letter written to MP Meg Hillier, Chair of the Treasury Committee - (Getty Images)

The Bank of England says it has decided against creating new rules on diversion and inclusion for the financial sector to avoid overwhelming firms with “regulatory burdens” amid a broader push for economic growth.

The Bank’s enforcement arm, the Prudential Regulatory Authority (PRA), revealed the decision on Tuesday in the wake of major US firms scrapping diversity goals following an attack on the workplace equality schemes by US president Donald Trump.