Bank of England governor blocks Rachel Reeves’s Revolut meeting

Revolut, the Treasury and the Bank of England’s regulatory arm, the PRA, had been due to meet in the past few weeks. Photograph: Mateusz Słodkowski/Sopa Images/Rex/Shutterstock

The governor of the Bank of England blocked a meeting that Rachel Reeves tried to secure with watchdogs and Revolut, amid concerns the chancellor was meddling in an independent process over the fintech’s UK banking licence.

Andrew Bailey intervened after learning of the plan to bring together representatives from Revolut, the Treasury and the Bank’s regulatory arm, the Prudential Regulation Authority, to discuss the fintech’s ambitions to become a fully authorised UK bank.