Remarks by BoE’s Bailey on Future UK-EU Relations

The Governor of the Bank of England (BoE), Andrew Bailey, said on Wednesday that now is not the right time for disagreements between the European Union (EU) and the United Kingdom (UK) regarding financial services.

Nonetheless, Bailey said that he believes the EU is imposing standards on the UK, which it does not hold other partner countries to, suspecting that the European bloc would not itself bide by such standards.

“We have an opportunity to move forward and rebuild our economies, post-COVID, supported by our financial systems.”

“Now is not the time to have a regional argument.”

“Let me be clear, none of this means that the UK should or will create a low-regulation, high-risk, anything-goes financial center and system.”

“We have an overwhelming body of evidence that such an approach is not in our own interests, let alone anyone else’s. That said, I believe we have a very bright future competing in global financial markets underpinned by strong and effective common global regulatory standards.”