BoE promises to spare European banks extra costs in soft Brexit
London — The Bank of England said on Wednesday it planned to spare European banks from costly extra capital requirements once Britain leaves the European Union, but said that could change if Brexit talks turn sour. Setting out its position for a possible tussle with Brussels over London’s position as a top global financial hub, the BoE said it wanted to ensure it could effectively oversee foreign banks and financial services firms after Brexit. "The foundation of the Bank of England’s approach is the presumption that there will continue to be a high degree of supervisory cooperation between the UK and the EU," the BoE said in a statement. That assumption might be "revisited as Brexit negotiations proceed", BoE deputy governor Sam Woods said in a letter to the bosses of banks and insurers. British Prime Minister Theresa May has said Britain will leave the EU’s single market, raising questions about how companies in Britain will do business in the bloc after Brexit, and how European c...
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