BOE’s Bailey Says U.K. Won’t Slash Banking Regulation After Brexit

Photographer: Simon Dawson/Bloomberg

Bank of England Governor Andrew Bailey said it’s not in the U.K.’s interest to dramatically ease banking rules following Brexit.

While rules may change, Britain intends to keep up with international standards, he said.

“Let me be clear, none of this means that the U.K. should or will create a low regulation, high risk, anything goes financial center and system,” Bailey said in a webinar organized by the City of London on Wednesday.

“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.”