Bank of England governor Andrew Bailey has rejected suggestions of a rift with the Treasury over Revolut’s long-delayed UK banking licence, insisting there has been “no falling out” with the Chancellor and denying reports that the central bank blocked a meeting between government officials and the fintech firm.
Speaking to CNBC's Ritika Gupta after the Bank’s latest interest rate decision, Bailey confirmed that Revolut remains in a “mobilisation” phase following its initial authorisation. While he declined to comment directly on the firm’s progress, he emphasised the Bank’s cautious approach to licensing, stating that financial stability would not be compromised for the sake of economic growth.
Bailey also said the Bank was “very open” to making changes to regulation where appropriate, and welcomed ongoing conversations with government and industry.
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