Bank chief cautions against removing regulation

THE governor of the Bank of England has cautioned over the risks of removing financial regulation in a bid to drive to growth, amid efforts by the Chancellor to scrap red tape.

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Andrew Bailey said in a speech in Amsterdam that he can see evidence there is a “risk of history showing signs of repeating itself” amid calls for deregulation as memories fade regarding the financial crisis. He stressed there is “no trade-off” between financial stability and ambitions for stronger growth and competitiveness.