Bank of England chief says ‘not sensible’ to tear up ring-fencing rules

The boss of the Bank of England has warned against tearing up the UK bank ring-fencing regime (House of Commons/UK Parliament/PA) - (PA Wire)

The governor of the Bank of England has warned against tearing up the UK’s ring-fencing regime, which he said was good for British banks and consumers, after the Government announced plans to reform the system.

Andrew Bailey also stressed that the UK cannot “compromise” on financial stability amid the Treasury’s plans to rip up red tape across the sector.