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EU engaged in ‘very serious escalation’ over UK financial services, says Bank of England governor – The Independent

Andrew Bailey tells Treasury Select Committee the EU seems to want to take derivatives clearing out of London and says it’s ‘something we would have to resist very…



The Bank of England governor, Andrew Bailey, has accused the European Union of trying to poach business from the City of London in the wake of Brexit, labelling the blocs recent activity a very serious escalation.
Mr Bailey told the Treasury Select Committee on Wednesday the EU now seems more interested in taking euro-denominated derivatives clearing business out of London and into the EU than making sure the UKs regulations are equivalent to the blocs for financial stability reasons.
That seems…

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