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LONDON Exploiting Britain’s freedom to set its own rules could constrain access to the European Union’s financial market, said a candidate for the Bank of England’s supervisory arm.
Britain left the EU’s orbit on Dec. 31 but a trade deal with the bloc does not cover financial market access, which is being handled separately under the EU’s equivalence regime.
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“Taking advantage of the freedoms available in leaving the EU may be constrained by the desire to have the UK regime recognized as equivalent,” said John Taylor in a hearing in parliament on his candidacy for the BoE’s Prudential Regulation Committee.