UK financial institutions are ‘global public good’, says Bailey
BoE governor warns against fragmentation, criticises Brexit and discounts rate cuts
Bank of England governor Andrew Bailey has said the UK’s financial infrastructure is a “global public good”, requiring international standards and co-operation to maintain.
Bailey, speaking at a conference in Dublin on November 8, warned against fragmentation in both global financial markets and trade. Regarding the latter, Bailey said the pandemic and the Russian invasion of Ukraine had encouraged fragmentation in global commercial networks.
He also commented that Brexit “has led to a
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