will be the new CEO. Here too we've listened to representations, and I confirm tonight that as well as protecting consumer interests, the Financial Conduct Authority will have a new primary duty to promote competition. If the result of all these changes is simply that some brass plates on some doors have changed, then we will have failed. We don't undertake the institutional change for the sake of it. We do it to change the culture. We want to move away from the tick-box mentality of the current system, where there's no shortage of costly regulation but too little room for invaluable judgement. In its place we will have clear lines of accountability and the space for regulators to exercise judgment. You will have the freedom to innovate, grow your businesses, and compete in the world. You will be constrained if you put taxpayers or consumers at undue risk. A new culture of regulation is the first step towards solving the British Dilemma. But getting supervision right in one country is not enough. As the world's leading financial centre, we are particularly exposed to financial instability elsewhere in the world. And you are all exposed to fierce overseas competition. For both these reasons, global standards are strongly in our national interest. So we want to see the full implementation of the new Basel standards, right around the world, including here in European Union. It's vital that those European rules give national regulators the discretion to add to the Basel requirements