BoE Gov Bailey joins battle over equivalence post Brexit... EU holding UK to a standard “it holds no other country to and would I suspect not agree to be held itself”
UK needs power to change its financial rules, not to do so would be “unrealistic, dangerous & inconsistent”
UK needs power to change its financial rules, not to do so would be “unrealistic, dangerous & inconsistent”
In Q&A Governor sounding notably pessimistic on EU granting equivalence for the City/ UK financial services, urges it not to cut itself off from UK capital markets
Does UK risk being cut off (re equivalence)?
Bailey: “a world which EU dictates & determines which rules & standards we have in UK isn’t going to work..Is EU going to cut UK off from itself? There are signs of an intention to do so at moment, but i think that would be a mistake”
Bailey: “a world which EU dictates & determines which rules & standards we have in UK isn’t going to work..Is EU going to cut UK off from itself? There are signs of an intention to do so at moment, but i think that would be a mistake”
Also on crypto - he restated there is a case for greater regulation and specifically on the idea of it being used for payments...
Bailey: “we want thing we use to pay not to have volatile value, crypto assets dont satisfy that...doesn’t mean there aren’t uses for them elsewhere”
Bailey: “we want thing we use to pay not to have volatile value, crypto assets dont satisfy that...doesn’t mean there aren’t uses for them elsewhere”
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