BoE’s Bailey warns EU against ‘dubious’ attempt to grab multi-trillion clearing business

  • Date: 24-Feb-2021
  • Source: SkyNews
  • Sector:Economy
  • Country:Middle East
  • Who else needs to know?

BoE’s Bailey warns EU against ‘dubious’ attempt to grab multi-trillion clearing business

Bank of England governor Andrew Bailey has warned Brussels against creating a "serious escalation" by forcing firms to relocate euro clearing business away from the UK.Mr Bailey told MPs Britain should "resist very firmly" any attempt by the EU to try to dismantle by "dubious" means the dominance of London in clearing euro-denominated derivatives - a business sometimes described as the plumbing of the financial market.

It was the latest broadside by the governor on Europe, two weeks after he took Brussels to task over its apparent intransigence on granting post-Brexit "equivalence" for Britain's financial services sector.

Image:

Andrew Bailey said moves possibly being considered by Brussels would be controversial



Appearing before the Treasury select committee on Wednesday, Mr Bailey said that stand-off now risked becoming a "side show" amid reports about the EU's attempt to