Recommendation 67

HM Treasury should include outcomes-based secondary objective metrics that aim to illustrate the impact of the regulators’ action on the real economy. In our view, it would be possible to do more to set the data reported against the current metrics with outcomes in the real economy (such as tracking trends in the markets the FCA and PRA regulate) as a way of starting to draw a more explicit link between the actions of the regulators and the progress of the objective to facilitate growth in the wider economy.