Andrew Bailey says any moves by Brussels to force trading worth trillions of pounds to bloc would mark ‘serious escalation’
Andrew Bailey has warned the European Union against mounting a raid on the City of London, saying the Bank of England will “resist very firmly” any moves by Brussels to force financial trading worth trillions of pounds to relocate following Brexit.
Amid growing speculation that EU officials could demand more financial business moves within its borders after leaving, Bailey said steps forcing the relocation of euro derivatives clearing away from the UK would represent a “serious escalation”.