Andrew Bailey: BoE did not trade Solvency II for the removal of call in powers

‘Hangover’ of Mini Budget damage

Governor of the Bank of England Andrew Bailey stated the central bank did not make a deal with the government to remove the highly debated ‘call in’ powers in exchange for Solvency II.

Speaking at a Treasury Select Committee alongside several central bank colleagues yesterday (16 January), Bailey was grilled over its latest Financial Stability Report, issued in December 2022. The committee asked Bailey about various reforms being proposed, including the now dismissed call in powers. The government backed down on its plans for a controversial power back in November that would have allowed it to intervene in financial regulation at will. Andrew Bailey defends extended QE as inflation hits record highs Bailey and other major City figures were openly against the d...