BoE denies rift with UK Treasury over post-Brexit regulations

LONDONA Bank of England (BoE) spokesman refuted suggestions of a rift between the central bank and the UK Treasury after a report in the Financial Times (FT) said the institutions are at “loggerheads” over the future of City of London regulations after Brexit.

Citing unnamed officials, the FT said the BoE’s deputy governor for Financial Stability, Jon Cunliffe, has fallen out with the Treasury over concerns it will give away regulatory control after the European Union rejected the UK’s original proposal.

BoE governor Mark Carney last year said the UK does not “want to be a rule-taker as an authority” at the end of Brexit talks.

The FT cited a Treasury spokesman saying the ministry is aligned with that stance, and the newspaper said the BoE denied any division. — Bloomberg