GUARDIAN EUROPE: Andrew Bailey says free trade demands greater international cooperation on financial rule-making
The governor of the Bank of England has called for greater cooperation on financial rule-making, warning that Brexit has affected the “openness of the UK economy”.
In an apparent swipe at those calling for the UK to develop a separate rulebook for banking and insurance activities, Andrew Bailey said free trade needed strong regulation based on agreements with foreign watchdogs.
Speaking in Dublin at a financial services conference organised by the Irish central bank, he argued against trade protectionism and regulatory fragmentation.
“As a public official, I take no position on Brexit per se,” Bailey said. “That was a decision for the people of the UK.” » | Phillip Inman | Wednesday, November 8, 2023
Brexit has helped the City, not harmed it despite 'pretty dire' warnings from economists and experts, says Bank of England governor Andrew Bailey: • Bank of England governor says Brexit opportunities have 'protected' Britain • Mr Bailey said Britain had defied 'dire' warnings from economists and experts • Comments are a marked shift from his immediate predecessor Mark Carney »
