Bailey took the British government to task on Wednesday over its plan to give itself veto powers over post-Brexit financial rules written by independent regulators, including the central bank.
Britain's
government has promised a deregulatory "Big Bang 2.0" to boost the
financial sector's competitiveness after the City of London was cut off
from the European Union by Brexit.
"Part
of competitiveness is having an effective legal system, and part of it
is having an effective regulatory system ... We must not threaten that,"
Bailey told the Treasury Committee in Britain's parliament.
Bailey
said the proposal might complicate Britain's attempts to restore its
reputation internationally after the recent turmoil in financial markets
caused by the short-lived economic programme of former prime minister
Liz Truss.
"We
have damaged our reputation internationally because of what happened.
It will take longer to rebuild that reputation than it will to correct
the gilt curve … so we have to tread carefully," Bailey said.
Reuters
© Reuters
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article