Bank of England governor: financial regulation will stay high after Brexit
(VOVWORLD) - Bank of England governor Mark Carney said financial regulation in the UK should remain “at least as high as it currently is” to avoid risks to the economy from a financial sector that could double in size within 25 years.
 Governor of the Bank of England Mark Carney (Photo: EPA/TTXVN) |
Bank of England governor Mark Carney said financial regulation in the UK should remain “at least as high as it currently is” to avoid risks to the economy from a financial sector that could double in size within 25 years. Mr. Carney said in an interview to mark 10 years since the start of the global financial crisis that the financial sector will “bring many strengths”, including creating 1 million jobs and generating 11 per cent of tax revenues post-Brexit. Mr. Carney’s comments pour cold water on the idea that the UK could cut financial sector regulations to attract foreign companies by becoming a so-called Singapore-on-Thames after Brexit. Mr. Carney warned of a recurrence of the 2008 crisis, saying that “the same issues could re-emerge” if financial regulators drop their guard.