Radical watering-down would risk repeating mistakes that led to 2008 crisis, says Andrew Bailey
The governor of the Bank of England has warned the chancellor, Rachel Reeves, against a radical watering-down of City banking rules because it would risk repeating the mistakes that led to the 2008 financial crisis.
Andrew Bailey said that while some changes to the rules could be helpful, wholesale changes to unleash risk-taking in the City of London in the name of economic growth would be counterproductive.