On January 6, the governor of the Bank of England and the head of the Prudential Regulation Authority explained to the Treasury Select Committee of the UK parliament how London will prosper as a global financial centre by freeing itself from the EU’s dreadful regulatory red tape.
They reassured MPs that the UK will not be a rule taker. Oh no.
BofE governor Andrew Bailey said: “Can I give you an example, because it may help to illustrate this? There will be examples that the EU will come up with, but the EU has very recently adopted a rule that allows the value of a bank’s own capitalized software to count within its capital.
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