{"id":106776,"date":"2021-02-11T06:22:47","date_gmt":"2021-02-11T06:22:47","guid":{"rendered":"https:\/\/fin2me.com\/?p=106776"},"modified":"2021-02-11T06:22:47","modified_gmt":"2021-02-11T06:22:47","slug":"boes-bailey-warns-eu-not-to-pick-a-fight-on-finance","status":"publish","type":"post","link":"https:\/\/fin2me.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":"

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