Director at the Prudential Regulation Authority (PRA) delivers keynote speech at the University of Leeds
Phil Evans delivered a keynote at the University of Leeds, sharing the Prudential Regulation Authority's latest thinking on liquidity reform, growth and competitiveness in the UK financial sector.
Phil Evans, Director in the Prudential Policy Directorate (PPD) at the Bank of England’s Prudential Regulation Authority (PRA) delivered a keynote address on Tuesday 17th March 2026 at Cloth Hall Court in Leeds city centre. The visit marked an important moment, with the PRA launching its latest consultation paper, Modernising the Liquidity Policy Framework, from Leeds rather than London, reflecting the Bank of England’s growing regional presence.
Speaking to industry guests and academics from the University of Leeds, Dr Evans outlined the PRA’s proposals to modernise the UK’s liquidity framework for banks and building societies, drawing on lessons from the March 2023 banking turmoil. He went on to describe how these reforms fit within the Bank of England’s broader modernisation efforts, emphasising the importance of strengthening firms’ ability to monetise assets and enhancing operational readiness.
A key theme of the address was the Bank’s secondary objective to advance the UK’s growth and competitiveness (the SCGO). Dr Evans explained how the PRA is working to ensure that regulation not only supports safety and soundness but is also aligned with wider economic competitiveness. This includes developing a clearer understanding of how regulatory actions affect the UK financial sector and the broader economy.
Dr Evans also highlighted the value of academic collaboration in meeting this objective. He noted that the PRA has recently established an academic network to deepen understanding of the SCGO, with colleagues at the University of Leeds’ International Banking Institute (IBI) actively contributing to this work.
I’m very happy, in that context, to be able to collaborate with the excellent Business School at the University of Leeds. To take account of the SCGO, we need a clearer understanding of how our actions as regulators affect the growth and competitiveness of the UK financial sector and the wider economy at large. That work is ongoing, and we have recently established an academic network to help deepen our understanding, something our colleagues here at the Business School are already engaging with.
Following the keynote, attendees took part in a lively Q&A session. Industry professionals representing banks and building societies posed thoughtful questions about how the proposed reforms might influence their day to day operations, raising practical considerations and highlighting issues from their own organisational perspectives. Their contributions added valuable practitioner insight to the broader discussion around regulatory change and its implications.
The visit was co‑organised with Professor Danilo Mascia, Chair in Banking and Finance at the University of Leeds. Reflecting on the School’s longstanding engagement with the Bank of England, Professor Mascia said:
We are very proud of our ongoing relationship with the Bank of England and are delighted to be supporting the development of their activities here in Leeds. Engagements like this strengthen our role in contributing to high‑quality research and meaningful policy discussions locally and nationally.
