Bank of England's Bailey slams EU barrier to investment banking services after Brexit

  • 📰 Reuters
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

An EU refusal to grant cross-border access to investment banking services from the CIty of London shows how the bloc wants to force Britain to keep adopting its rules in future, Bank of England Governor Andrew Bailey said on Wednesday.

FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS

The EU is set to decide in coming weeks on how much direct access it will grant all types of UK financial activity under its system that checks whether British rules are “equivalent” or as robust as those in the 27-nation bloc. “I just do not see how we can have an equivalence process that essentially says, the EU says, we are not going to even judge equivalence because our rules are going to change,” he said.

Alex Brazier, the BoE’s executive director for financial stability, said the EU decision showed the danger of having equivalence that can be withdrawn at any minute, making it difficult to have “well tailored” rules for the City of London.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Why are you angry - we chose to leave the club and did not wAnt their market or their rules-can’t gave the date and eat it!! Brexit done so wake up to the smell of coffee

What else did he expect after leaving? It is like we are not together, but I am really angry if I cannot sleep over 😉.

Does anyone in the EU care what anyone in the UK says ?

Oh well... UK left EU haven't they.

Go trade with dinghy riders - you can sell them Whales from England (full of fatty juice to feed half of afrika) and get a skinny elephant. Brexit means brexit🤣

🤣🤣🤣🤣🤣 If your not a member your not in the club! BrexitReality

Brexit I thought they all said it was projectfear BrexitShambles why should they let a 3rd country (as we willl be) special access if we voted leave? I thought we had an ovenreadydeal

Business Business Latest News, Business Business Headlines