Finance
BoE's Bailey says bank rules were delayed because of US competition
Published by Global Banking & Finance Review®
Posted on January 29, 2025
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 29, 2025
1 min readLast updated: January 27, 2026
The Bank of England delayed new bank rules to avoid disadvantaging UK firms due to US deregulation under Trump, says BoE Governor Andrew Bailey.
LONDON (Reuters) - The Bank of England delayed introducing new rules for banks to avoid putting British firms at a competitive disadvantage to the U.S. where President Donald Trump has promised to cut back on regulation for business, BoE Governor Andrew Bailey said.
"We do need an agreement on Basel going forward. We have delayed that because of the uncertainty from the U.S. angle because there's a competition issue," Bailey told the Treasury Committee in the lower house of parliament.
(Reporting by David Milliken and Suban Abdulla; Writing by William Schomberg)
The main topic is the Bank of England's decision to delay new bank rules due to competitive concerns related to US deregulation.
The BoE delayed the rules to avoid putting UK banks at a competitive disadvantage compared to US banks, which are facing deregulation.
Andrew Bailey is the Governor of the Bank of England, responsible for overseeing the UK's monetary policy and financial stability.
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