Bank of England needs freedom to set tougher rules, says Mark Carney

  • Mark Carney, the governor of the Bank of England, told MPs that as the Bank of England must regulate the “most complex financial system in the world”, the UK must have the freedom to introduce tougher regulation of the financial services industry than the EU after Brexit, in order to retain its power.
  • This followed the government’s recent publication of a white paper on the UK’s post-Brexit relationship with the EU.
  • The white paper included proposals for Britain to have greater flexibility on regulation of the financial services industry, but less market access to the bloc.
  • Carney described the government’s negotiating stance as “more consistent with the flexibility to have tougher standards if we need to” rather than “cutting and pasting rules from Europe”, while stressing that it was “hugely important” to be able to adjust rules aimed at addressing risks to financial stability.
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Arthur is a solicitor specialising in corporate law. He has been practising law for over 30 years and has practiced abroad. He is also a notary public. He specialises in mergers and acquisitions, banking law, corporate finance including private equity, AIM listings, corporate restructuring and corporate insolvency.