The City Wants To Have Its Brexit Cake and Eat It Too [Yahoo! Finance News]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance News
Opinion) -- The Bank of England’s outgoing boss, Mark Carney, has long come under fire from pro-Brexit politicians for his grim predictions for the British economy outside the European Union, including the possibility of a recession. It got to the point that it looked like one of the biggest tasks for his successor, Andrew Bailey, would be to un-ruffle feathers.Yet Carney seems to be taking a more optimistic note of late, at least on the City of London’s ability to navigate Brexit and retain its role as a preeminent financial center. As the EU lays down the gauntlet on the trade rules and regulations it expects the U.K. to follow in return for access to the 27-member bloc’s lucrative single market, Carney seems unimpressed with the idea that the City should follow its lead. “It is not desirable at all to align our approaches, to tie our hands and to outsource regulation and effectively supervision of the world’s leading complex financial system to another jurisdiction,” he told the F
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