** Update: see our latest edition of The Counterbalance, laying out the many ways in which the financial sector promotes monopolisation. We have just co-authored a detailed response to the Prudential Regulation Authority, a department of the Bank of England, in response to its recent Discussion Paper about its future approach to policy.
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We recently signed a letter pushing back against UK government plans to introduce “competitiveness” as a statutory objective for financial regulators. The letter was co-signed by a number of eminent economists from around the world. And the issue has global ramifications, since the UK hosts arguably the world’s biggest international financial centre.
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We have spent considerable time exploring and explaining the differences between healthy competition, which delivers benefits for all, as we have shown in our recent Telecoms report; and harmful competition, where companies compete on the basis of what economists called “externalities,”
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Welcome to the latest edition of The Counterbalance, the newsletter of the Balanced Economy Project. There’s been a bit of a gap since our last edition, due to European summer holidays and other issues, but we are back.
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