"Andrew Bailey, the Governor of the Bank of England warned yesterday that the EU is determined to keep the UK on a tight leash when negotiations begin about UK access to EU financial markets.

The EU wants the UK to confirm that its regulations won’t stray too far from Brussels’ own regulations while the UK believes it cannot agree to abide by rules that may be added in the future that could conflict with its best interest. Bailey believes the EU is trying to hobble the UK and the standing of London as the world’s premier market and try to promote Paris and Frankfurt as viable alternatives.

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