Bank of England Governor Andrew Bailey says UK should not submit to EU rules just to get access to markets

Britain should not submit to the European Union’s financial services rules just to get better access to the bloc’s market after Brexit, Bank of England Governor Andrew Bailey told the House of Commons Treasury Committee on Wednesday.

European daily share trading worth €6 billion left the City of London for the continent this week in the first tangible sign of Brexit’s impact on Britain’s £130 billion finance industry.

Bailey said Britain must not become a mere “taker” of EU rules in return for access.

“If the price of this is too high then we can’t just go for it whatever,” he told the committee.

“I strongly recommend that we don’t become a rule-taker. If the price of that is no equivalence ... then I am afraid that will follow.”

Britain left the EU’s single market last week and its new trade deal with the bloc does not cover financial market access.

Bailey said Britain would not introduce a new EU rule that allows banks to deduct the value of software investments from capital requirements.

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