BoE's Bailey hopes for closer EU ties on trade, financial services
LONDON, May 29 (Reuters) - Bank of England Governor Andrew Bailey said on Thursday that he hoped there would be closer cooperation between the BoE and regulators in the European Union on financial services and broader trade issues.
"There is merit in seeking to increase the openness of our financial markets by reducing non-tariff barriers," Bailey said in remarks released by the central bank ahead of a financial industry dinner in Dublin.
Bailey voted with the majority of the Monetary Policy Committee earlier this month to cut the BoE's main interest rate to 4.25% from 4.5% and said the central bank needed to take a "gradual and careful approach" to further rate cuts.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
27 minutes ago
- BBC News
UK threatens to sue Abramovich over Chelsea sale
The UK government has threatened to sue former Chelsea Football Club owner Roman Abramovich to make sure the money from the club's sale goes to £2.5bn in proceeds have been frozen in a UK bank account since the sale, with Mr Abramovich sanctioned after Russia's full-scale invasion of Ukraine in February UK government wants the money to be for Ukrainian humanitarian aid, but Mr Abramovich has said he wants it to go to "all victims of the war in Ukraine".In a joint statement, Chancellor Rachel Reeves and Foreign Secretary David Lammy said: "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required." They said they wanted "to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible".They added: "The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion. "We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far".The delay in releasing the funds centres on a disagreement between the UK government and his Abramovich - a Russian billionaire who made his fortune in oil and gas - was granted a special licence to sell Chelsea following Russia's invasion of Ukraine, providing he could prove he would not benefit from the is alleged to have strong ties to Russian President Vladimir Putin, something he has cannot access the £2.5bn sale proceeds under UK sanctions but the money still legally belongs to he announced his decision to sell the club, he said proceeds from the sale would be donated via a foundation "for the benefit of all victims of the war in Ukraine", which would include those in Russia. The UK government has pushed back and argued that the funds should only be spent on humanitarian efforts inside Ukraine.A House of Lords committee said last year said it was "incomprehensible" that Mr Abramovich's promise to use the funds to support Ukraine remained unfulfilled, and that the assets remained frozen."This impasse reflects badly on both Mr Abramovich and the government, which ought to have pushed for a more binding commitment," the report said.
Reuters
40 minutes ago
- Reuters
UFC's Tom Aspinall moving on from 'retired' Jon Jones
June 3 - Interim UFC heavyweight champion Tom Aspinall considers Jon Jones to be retired and wants to move on. Aspinall has not stepped into the Octagon since July 27, 2024, when he successfully defended the interim title with a first round knockout of Curtis Blades. That victory avenged the lone UFC defeat for Aspinall (8-1, 15-3 overall). Aspinall's July victory and Jones' win over Stipe Miocic in November 2024 would appear to warrant a unification bout, but there has been no news in the last seven months and some are calling for Jones to be stripped of his title. Jones hasn't competed in that span. "Jon Jones is retired," Aspinall said on ESPN's "Good Guy/Bad Guy" podcast on Monday. "I want to say God bless him moving forward in what he does with his life and career. We move on. I'm the undisputed heavyweight champion of the world. I'm ready to take on all comers and get this division moving again. Jones (28-1), a two-time light heavyweight champion, who won the vacant heavyweight belt in March 2023, views the situation differently than Aspinall. "The UFC, I and Tom, we all got a lot of stuff happening behind the scenes," Jones said at a seminar in Thailand while filming a reality show, according to The Independent. "They're one of the biggest organizations in sports and right now, Tom and I have agreed to wait for the UFC to make their announcements. So I legally can't really talk about it." UFC CEO Dana White has expressed optimism that the bout would take place. In November, he referred to the potential matchup "the biggest fight in heavyweight history," but, until Jones' statements in Thailand, Jones had not shown interest in fighting the Englishman. The hold-up has delayed most of the bouts between any of the top-ranked heavyweights. "The other guys don't want to fight anybody because they might be next themselves," Aspinall said. "Everybody else is scared to fight. Nobody wants to make the next move. The division is completely stuck. I am sick of the division being stuck. I'm there. I'm active. I'm getting better all the time. Just stick me in. I'm ready to fight all of them." --Field Level Media
Daily Mail
an hour ago
- Daily Mail
BREAKING NEWS Bad news for Aussie borrowers as Reserve Bank signals it won't be in a hurry to slash rates
Aussie borrowers have been told to downplay their expectations of mega rate cuts - despite concerns about Donald Trump 's tariffs. The Reserve Bank last month cut interest rates by 25 basis points, taking them down to 3.85 per cent for the first time since June 2023. But the minutes of that May 20 meeting have revealed that while a bigger 50 basis point cut was considered, this was deemed unwise because the effects of American tariffs had yet to be felt. 'They agreed that developments in the domestic economy on their own justified a reduction in the cash rate target and that the case for that action was strengthened by developments in global trade policy,' it said. 'However, members were not persuaded that the combination of these was sufficient to warrant a 50 basis point reduction at this meeting.' The Reserve Bank hasn't cut rates by 50 basis points since May 2012, when the Greek debt crisis was weighing on global growth. The RBA's latest meeting minutes were released on Tuesday, just days after Trump doubled tariffs on Australian steel from 25 per cent to 50 per cent. It noted that earlier US tariffs, including 10 per cent on most Australia exports, were yet to affected the domestic economy. 'Members noted the absence of signs in the Australian data to date that global trade policy uncertainty was having a significant negative impact on the economy, and that some plausible adverse scenarios could see upward pressure on inflation,' the Reserve Bank said. The futures market is now only expecting a 25 basis point rate cut at the RBA's next meeting in July, which would be occurring before the release of June quarter inflation data. Most economists are expecting the next move to be occurring in August, but with another quarter of a percentage point easing.
