New BoE boss Andrew Bailey hails Brexit as a chance to restore the City’s independence
Andrew Bailey has hailed Brexit as a chance to restore the City’s independence as he prepares to take the helm at the Bank of England.
Bailey, who succeeds Mark Carney as governor next month, said leaving the EU would give Britain the chance to ditch any Brussels red tape which damages the financial sector, while adapting other regulations to better suit the UK.
The Financial Conduct Authority boss told the House of Lords EU committee that he hoped future regulation would spur innovation and a more global outlook.
Andrew Bailey, who succeeds Mark Carney as Governor next month, said leaving the EU would give Britain the chance to ditch any Brussels red tape
He said: ‘It is absolutely essential we have the capacity to review and adapt the rulebook. To find that that was constrained would be very difficult.’
Bailey expects Britain to review laws, arguing that Brussels should not expect the UK to stick rigidly to EU rules.
There are concerns at City firms, compounded by an EU row with Switzerland, that the EU could revoke agreements at short notice, harming their ability to service European clients.
Bailey said there were ‘painful lessons’ to be learned from the dispute, which saw Switzerland lose access to the EU.
He said it was crucial to avoid a ‘metaphorical punch-up’ with Brussels if there is a disagreement over UK changes to rules.