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Bank Of England Clamps Down On Brexit-Driven EU Relocations (FT)

EU-UK

The Bank of England is demanding that lenders seek its approval before relocating UK jobs or operations to the EU, after becoming concerned that European regulators are asking for more to move than is necessary for financial stability after Brexit. The BoE has taken this stance — described by one senior banker as "increasingly curmudgeonly" — after hearing of several requests from the European Central Bank that it considers excessive and beyond what is required from a prudential supervisory perspective, according to people familiar with the move. Governor Andrew Bailey has taken a personal interest in the issue, they added.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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