City must not be forced to take EU rules on finance, warns Andrew Bailey

Industry News | 07/01/21

Britain should abandon full access to EU financial markets if it means becoming a regulatory rule-taker, the Bank of England governor has said.

Officials from the UK and the EU hope to strike an agreement in the spring that determines the depth of their relationship in financial services, which was carved out of the Brexit deal. However, Andrew Bailey said Brussels’ demand that the UK submit to its regulations was “problematic”, in the clearest sign since the agreement that the City will not receive the “equivalence” decision needed to trade in EU markets.

Source: The Times