The Bank of England’s regulatory arm has raised its budget by $31.6 million (£24.3 million) for the coming financial year saying that costs have increased due to its growing responsibilities and preparations for “emerging risks in the financial system”.

The latest business information Plan released on Wednesday April 20 by the Prudential Regulation Authority (PRA) its budget for the 2022/23 financial year is £320.9 million ($418 million), an 8.2% increase from last year.

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