Bailey: City red tape should ‘flush out’ excessive bank profits but not cap them

Red tape in the UK’s financial industry can help ‘flush out’ excessive profits, Andrew Bailey said (Doug Peters/PA) - (PA Wire)

Red tape in the UK’s financial industry can help “flush out” excessive profits, but should not cap the amount that banks earn, the boss of the Bank of England has said.

Andrew Bailey told City bosses that arguing for less regulation was “unhelpfully reductive”, but that the central bank was open to tweaking the existing rules.