Bank of England governor slams EU raid on City bank trades as very serious escalation and vows to resist very firmly thesun.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesun.co.uk Daily Mail and Mail on Sunday newspapers.
Bank of England governor Andrew Bailey (pictured) is fearful that the EU is prepared to exert pressure on locally based financial firms to shift derivatives deals out of London to Continental centres.
It is not usual for the Governor of the Bank of England to ask permission to make a statement about a completely unrelated issue when giving evidence on inflation to the Treasury Select Committee. So we knew it was serious when Andrew Bailey yesterday told us his concerns about Brussels trying to force banks to relocate their euro clearing from London to the EU.
It is not a surprise that the EU wants to do this – France has been pushing for this for years before Brexit, leading to it losing a case to the UK at the European Court of Justice – but what is concerning is the desperate extremes the EU seems prepared to go. It was, Mr Bailey said, bordering on the illegal.
Budget 2021: Sunak faces revolt over planned capital gains tax raid telegraph.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telegraph.co.uk Daily Mail and Mail on Sunday newspapers.