Andrew Bailey wants the UK and the EU to cooperate but who knows what Brussels’ intentions are
Andrew Bailey, taking a day off from quarrelling with Dame Elizabeth Gloster over London Capital & Finance, gave a long list of reasons on Wednesday for why, in a rational world, it would be straightforward for the UK and the European Union to co-operate on financial services. This is important territory. Arrangements on financial services, which were excluded from last December’s Brexit trade deal, could dictate the future of the City for a decade.
First, said the Bank of England governor in his speech at Mansion House, regional disagreements don’t make sense in a financial world that increasingly runs on global rules overseen by global bodies. Second, the UK’s standards already look more equivalent to the EU’s than those of Canada, the US, Australia, Hong Kong and Brazil, countries that have been awarded “equivalence” gold stars by Brussels.