‘Let’s not forget the pain of the 2008 crisis in pursuit of growth,’ warns Andrew Bailey

‘We must not forget the lasting damage done by the global financial crisis’: Andrew Bailey, governor of the Bank of England has warned. Photograph: Alberto Pezzali/PA

The governor of the Bank of England has warned against watering down City regulations introduced after the 2008 banking crash, saying there was “no trade-off” between economic growth and financial stability.

In a thinly veiled response to chancellor Rachel Reeves’s push to loosen the constraints brought in over the past 17 years, Andrew Bailey said that it was important not to forget the damage to the economy caused by the implosion of the global financial system.