UK will not be a 'rule-taker', Andrew Bailey tells EU

Equivalence debate

Andrew Bailey has accused the European Union of holding the UK to standards it would "not agree to be held to itself" and said the UK would not be a post-Brexit "rule-taker".

The EU has yet to grant "equivalence" status to the UK, instead demanding UK banks continue to comply with standards set in Brussels. The bloc has said it wanted to wait and see how far the UK's new rules diverged from its own before agreeing to recognise them. But the Bank of England governor noted in his Mansion House speech on Wednesday (10 February) that this was in contrast to all other countries the bloc has agreed trade deals with. BoE governor Bailey 'quite angry' at some findings in the report on LCF scandal - reports "The EU has argued it must better understand how the UK...