London, September 25 (QNA) - The Bank of England is set to delay the implementation of the latest set of global banking reforms that were adopted after the last global financial crisis, according to a report in the Financial Times.

Citing unnamed sources, the newspaper said that the bank plans to delay the deadline for implementing the reforms by six months to July 2025, from January 2025. The bank is expected to announce the decision in the coming weeks.

The move by the Bank of England to delay the implementation of the reforms until July 2025 would align with the timeline that the United States is planning to adopt for the reforms. However, it would come after the reforms are implemented in the European Union, which has set a deadline of January 2025.

The newspaper also reported that banks operating in the UK have been resisting the introduction of these reforms, arguing that they would weaken their ability to compete with banks operating in the EU.

The reforms, known as Basel III reforms, would limit banks' ability to determine the amount of capital they need to support certain loans or business transactions.This would raise the cost of loans for banks. The reforms are part of an effort by central banks around the world to protect the banking system from taking on too much risk, as happened during the global financial crisis in 2008. (QNA)