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11 Jan, 2021 Author Jon Rees
Bank of England Governor Andrew Bailey has said a deal with the European Union on financial equivalence that left the U.K. as a financial regulatory rule-taker would not be worth having.
Bailey told parliamentarians that if the EU demanded that the U.K. follow its regulatory rules entirely in return for an agreement on equivalence, whereby it judges the U.K. financial rules equivalent to its own and so allows British banks access to the single market, that would be unacceptable. If the price is too high then we can t just go for it whatever. I strongly recommend that we don t become a rule-taker. If the price of that is no equivalence, then I m afraid that will follow, said Bailey in an appearance before the Treasury Select Committee.
Lingering uncertainty hangs overs the City of London Brexit trade deal offers little solace to Britain’s financial hub 29 December 2020 - 09:48 Viren Vaghela Picture: DAN KITWOOD/GETTY IMAGES
London The trade deal that both sides of the English Channel say reflects a new era of co-operation is essentially a sideshow for the City of London, which is still awaiting its own seal of approval from the EU.
EU officials must rule separately that British financial regulations and oversight are strong enough to create a level playing field. Without that, a steady leakage of business already under way in some areas may become a daily reality for the UK’s finance industry.
PM: Brexit deal will allow the City to thrive like never before
(Photo by Chris J Ratcliffe/Getty Images)
Prime Minister Boris Johnson has said that the Brexit deal signed today will allow the City to thrive “like never before.”
Asked about how much financial services figured in the deal, Johnson said there was “good language on equivalence.”
He hinted that the European Union had pushed back on closer integration in the sector.
“It is nonetheless going to allow our dynamic City of London to get on and prosper like never before,” he said.
Sterling rose on news of the Brexit deal but financial services experts are already turning their attention to the future of the City.
EU Bonds Changing View On Government Debt But Treasuries To Still Rule In 2021 investing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investing.com Daily Mail and Mail on Sunday newspapers.
By Owen Sanderson
17 Dec 2020
The European Commission’s plans to tackle the mountain of non-performing loans that are expected next year as government support schemes roll off have been criticised as unambitious. They have been dismissed as containing little beyond a review of proposals that have already been unveiled. Michael Lever, managing director in the prudential division of the Association for Financial Markets in Europe, a lobby group, described the package as “an unambitious review of its 2017 proposals. It doesn’t take into consideration that today we are facing a NPL crisis caused by an exceptional economic
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