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Andrew Bailey under pressure over link to RBS scandal
Andrew Bailey has been Governor of the Bank of England for a year. He was formerly the head of the Financial Conduct Authority. (Getty Images)
Bank of England Governor Andrew Bailey is under fire after it emerged that he played a role in designing a scheme that left thousands of small businesses in ruin after the financial crisis.
Bailey was one of those who helped the Treasury design its Asset Protection Agency, which pressured lender RBS (now Natwest) to withdraw loans from customers and seize their assets.
Despite being asked about the scandal back in 2016 when being vetted for his former role as head of the Financial Conduct Authority, he did not disclose his role in helping set up the body, the Times reported.
by Tyler Durden
Monday, Mar 15, 2021 - 07:59 AM
Global shares rose and US equity futures were flat as U.S. bond yields hovered near a 13-month to start the week as bets economic growth will accelerate kept high duration stocks depressed as investors braced for Federal Reserve and other key central bank meetings in the days ahead.
The Dow notched five consecutive record highs last week as approval of one of the largest fiscal stimulus in U.S. history and vaccine rollouts fueled demand for economy-linked stocks such as banks, energy, materials at the cost of tech names with lofty valuations.