Bank of England governor urges doubling down on economic crime expertise

By the Editorial Team · Wednesday, September 16, 2026

Bank of England Governor Andrew Bailey urged increased investment in specialized skills to tackle evolving economic crime, especially as offenders increasingly use artificial intelligence. His call highlights the critical need to maintain dedicated expert teams in the City of London amid planned police force consolidations and growing technological challenges.

The governor of the Bank of England, Andrew Bailey, has called for increased investment in expertise to combat economic crime, highlighting the urgent need for specialized skills as technology and criminal tactics evolve rapidly. Speaking at the City of London police authority board’s annual dinner, Bailey emphasized that advanced capabilities are critical amidst growing challenges, including the use of artificial intelligence by offenders.

Bailey, who previously led the Financial Conduct Authority, stressed the importance of maintaining dedicated resources focused on economic crime within the heart of the UK’s financial district. He described the presence of these specialist teams as vital for developing and sustaining expertise, as well as ensuring that their capacity is shielded from competing demands posed by other types of crime. “That dedicated, specialist resource is going to become even more critical,” Bailey said, urging a doubling down of efforts and investment at this critical juncture.

The remarks come during a period of uncertainty for the City of London police force, which is under review as part of a broader Home Office initiative to consolidate the 43 police forces in England and Wales into larger regional units. The review, led by Lord Hogan-Howe, former Metropolitan Police commissioner, has proposed merging the City of London force, established 187 years ago, into the Metropolitan Police to create bigger, more capable forces.

Home Secretary Shabana Mahmood has supported the formation of larger entities, arguing that regional forces would be better equipped to handle specialized investigations in areas such as organized crime and online fraud. Originally expected by the end of August, Hogan-Howe’s report has been delayed until autumn to incorporate considerations related to Andy Burnham’s devolution plans.

The Home Office has maintained that fewer, larger forces will provide greater capacity to respond to surges in demand and facilitate the pooling of specialist functions, including firearms, roads policing, and cybercrime, thereby enhancing expertise and operational effectiveness.

At the event, Bailey noted the UK’s strong position in AI and cybersecurity, citing institutions such as the National Cyber Security Centre, part of GCHQ, and the AI Security Institute—a body with which the Bank of England collaborates closely. He underscored the necessity of sustained focus and investment in these cutting-edge fields as essential to supporting the fight against financial crime.

Bailey concluded by reinforcing the imperative to “arm ourselves well” with specialist knowledge and resources, warning that as technology continues to advance exponentially, the demand for skilled professionals will only intensify. The Bank of England governor’s comments reflect a broader recognition of the evolving nature of economic crime and the need for a coordinated, expert response.

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