MNI BRIEF: BOE Bailey: No EU Equivalence Price Worth Paying

The UK should accept no equivalence with the EU on financial services if the alternative was for it to become a passive recipient of EU regulation, Bank of England Governor Andrew Bailey said Wednesday. Equivalence grants market access to foreign firms if regimes are deemed to be equivalent in outcome but Bailey told the Treasury Select Committee that the price may not be worth paying. "I would strongly recommend that we do not become a rule-taker. I think that is a very bad place to end up in. If the price of that is no equivalence then I am afraid that will follow," he said.