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EU can't hold UK hostage in financial services equivalence debate, BOE's Bailey says

By Fiona Maxwell ( February 10, 2021, 18:08 GMT | Insight) -- For the UK to be a “rule taker” from Brussels in financial services legislation is unacceptable, Bank of England Governor Andrew Bailey has said, criticizing the EU for failing to award the UK equivalence status for apparently flimsy reasons. Brussels itself would never agree to such a situation if the boot was on the other foot, Bailey said in a speech today: “As the world moves on, so the rules need to adapt. If they do not, we will be heading for trouble.”For the UK to be a “rule taker” from Brussels in financial services legislation is unacceptable, Bank of England Governor Andrew Bailey has said, criticizing the EU for failing to award the UK equivalence status for apparently flimsy reasons. ...

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