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UK will resist EU pressure on banks over clearing: BoE s Bailey
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UK will resist dubious EU pressure on banks, says BoE s Bailey
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UK will resist dubious EU pressure on banks, says BoE s Bailey
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The post-Brexit fallout came faster than many had expected. On January 4, the first trading day of 2021, almost €6 billion of EU share trading left London for other European capitals.
Then earlier this month came the news that Amsterdam had overtaken London as Europe s biggest share trading centre, as daily volumes fell sharply in the City and surged in the Dutch capital.
In 2019, when the United Kingdom was still inside the European Union and its single market, 43% of trading in EU stocks took place in the UK. The first few weeks of this year have seen the proportion plunge to just 4%, according to analysis by the think tank New Financial.
By Neil Hodge2021-02-18T16:14:00+00:00
Last week wasn’t a great one for high-profile leaders in the business world.
KPMG UK Chairman Bill Michael was forced to resign after his motivational speech to employees went off the rails (and public) when he told staff to “stop moaning” about the impact of the COVID-19 pandemic and lampooned unconscious bias as “complete crap.”
Meanwhile, Bank of England Governor Andrew Bailey found himself in a heated argument with Members of Parliament over a “misunderstanding” that he had tried to have his name removed from a critical report published in December that found him personally responsible for the cultural failings at the Financial Conduct Authority (where he was CEO at the time) which contributed to its inability to spot major frauds, such as the collapse of London Capital & Finance in 2019. He denied the charge, only for the report author former Court of Appeal Judge Dame Elizabeth Gloster to contradict him, show her evidence,