Two of Britain’s top financial regulators have scrapped plans to introduce more diversity, equity, and inclusion (DEI) requirements for firms as the impact of President Donald Trump’s anti-woke drive spreads globally.
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the two top regulators for financial firms in the City of London, said that they would abandon DEI plans, such as forcing firms to report so-called wage gaps between genders and ethnicities.
Deputy governor at the Bank of England and head of the PRA Sam Woods said, per The Guardian, that there is “a growing emphasis in our work on reducing regulatory burdens on firms while still delivering our objectives, and adding significant new requirements in this area could be seen as in tension with that approach.”
The regulators said that they would continue to support “voluntary industry initiatives” intended to increase so-called diversity within the financial sector.
However, they argued that because the left-wing Labour Party government is planning on introducing DEI reporting standards, doubling regulations from the watchdogs would unnecessarily hinder competitiveness.
“Many of those who responded to our consultation wanted us to align our regulatory approach with related initiatives, to avoid duplication and unnecessary costs,” Woods said.
The public move by the regulators to distance themselves from DEI initiatives comes as U.S. President Donald Trump has made it a priority of his administration to combat the often racist and sexist woke practices, many of which literally discriminate on the basis of race and sex.
The election of Trump and the shift in public sentiment in the United States has seen major corporations scrap DEI programmes, including Amazon, McDonald’s, Walmart, among others.
The Trump administration’s war on wokeness has also already impacted key progressive institutions internationally, including Britain’s top LGBTQ+ charity, Stonewall.
Last month, it was reported that Stonewall would have to cut at least half of its staff members after President Trump’s decision to suspend foreign aid.
This was followed by Britain’s Government Communications Headquarters (GCHQ) spy agency withdrawing from Stonewall’s corporate diversity scheme, which has long been used to pressure businesses, schools, and government bodies into adopting far-left gender ideology.
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