Recommendation 64

HM Treasury states that it did not want to require the regulators to report against outcomes that they do not fully control. However, success in advancing the secondary objective should be, in part, about facilitating growth in the UK economy—currently, there is no explicit direction on this from HM Treasury within the metrics to ensure this can be measured or monitored. Without some measure of the regulators’ actions on economic growth, it will be difficult to scrutinise whether or not the secondary objective is being delivered.