{"id":112287,"date":"2021-02-11T06:20:29","date_gmt":"2021-02-11T06:20:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112287"},"modified":"2021-02-11T06:20:29","modified_gmt":"2021-02-11T06:20:29","slug":"boes-bailey-warns-eu-not-to-pick-a-fight-on-finance","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/boes-bailey-warns-eu-not-to-pick-a-fight-on-finance\/","title":{"rendered":"BoE's Bailey warns EU not to pick a fight on finance"},"content":{"rendered":"

LONDON (Reuters) – Bank of England Governor Andrew Bailey urged the European Union on Wednesday not to pick a fight with Britain over its huge financial services industry after Brexit, and said the bloc was demanding more of London than of other trade partners.<\/p>

FILE PHOTO: Chief Executive of the Financial Conduct Authority Andrew Bailey speaks at a press conference at the Bank of England in London, Britain February 25, 2019. Kirsty O’Connor\/Pool via REUTERS\/File Photo<\/figcaption>

The City of London has been largely cut off from the EU since Jan. 1 and Brussels has said it won\u2019t be rushed into decisions on granting access for financial firms in Britain, saying it wants to see how far UK rules will diverge.<\/p>\n

\u201cThis is a standard that the EU holds no other country to and would, I suspect, not agree to be held to itself,\u201d Bailey said in a speech to financial executives on Wednesday.<\/p>\n

\u201cWe have an opportunity to move forward and rebuild our economies, post-COVID, supported by our financial systems,\u201d he said. \u201cNow is not the time to have a regional argument.\u201d<\/p>\n

London is the only financial centre in Europe that can compete globally with the likes of New York, and still dominates trading in the multi-trillion-dollar currency markets.<\/p>\n

\u201cLondon will undoubtedly continue as one of the world\u2019s leading if not the leading financial centre,\u201d Bailey said.<\/p>\n

Rules for the financial services industry had to adapt as the world changes, Bailey said. But he ruled out a sudden easing of rules in Britain after its exit from the EU, as sought by some in the industry.<\/p>\n

\u201cLet me be clear, none of this means that the UK should or will create a low-regulation, high-risk, anything-goes financial centre and system,\u201d he said.<\/p>\n

Britain\u2019s new trade deal with the bloc, which took effect on Jan. 1, does not cover financial services. The City of London is likely to get only limited \u201cequivalence-based\u201d access to the EU financial market for the foreseeable future.<\/p>\n

Bailey noted that the EU has granted long-term market access for securities clearing houses from the United States but not for their UK counterparts even though they comply with the same rules.<\/p>\n

Earlier on Wednesday, consultants PwC estimated Britain\u2019s tax receipts from its financial services sector were set to start falling from this year as a result of Brexit and the impact of the coronavirus pandemic.<\/p>\n

The 135 billion-pound industry accounts for more than 10% of UK tax receipts.<\/p>\n

Separately, the Centre for Economics and Business Research said Brexit will potentially cost London\u2019s economy 9.5 billion pounds a year.<\/p>\n

Bailey also struck a more optimistic note, saying the fragmentation in European markets since Britain left the EU will likely prove temporary as \u201csensible forces\u201d return to the fore.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Bank of England Governor<\/p>\n","protected":false},"author":3,"featured_media":112286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nBoE's Bailey warns EU not to pick a fight on finance - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/boes-bailey-warns-eu-not-to-pick-a-fight-on-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoE's Bailey warns EU not to pick a fight on finance - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Bank of England Governor\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/boes-bailey-warns-eu-not-to-pick-a-fight-on-finance\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-11T06:20:29+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor534.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/boes-bailey-warns-eu-not-to-pick-a-fight-on-finance\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/boes-bailey-warns-eu-not-to-pick-a-fight-on-finance\/\",\"name\":\"BoE's Bailey warns EU not to pick a fight on finance - 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