Implicit in this year’s fees consultation, and in previous years’, is the view that the cost of regulation, and by implication fees, will never fall.  Indeed the PRA's business plan 2019/2020  says: “The PRA’s budget is set in the context of the Bank’s overall framework of financial control, and the Bank’s target to maintain a flat nominal budget for 2019/20”.    Notwithstanding the fact that a flat nominal budget is a contradiction in terms, there is no sense in this consultation or the business plan that the PRA is prepared to use its resources significantly more effectively or efficiently.   
 

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