In latest retreat amid US backlash, Banks says it wants to avoid more ‘regulatory burdens’ for financial companies

The Bank of England has said it will not bring in new diversity and inclusion rules for financial firms because it wants to avoid imposing extra “regulatory burdens” and costs, in the latest sign of a retreat from efforts to help underrepresented groups.

The Bank’s regulatory arm, the Prudential Regulation Authority (PRA), said it would instead support “voluntary industry initiatives” aimed at boosting diversity and inclusion in the financial sector.