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Farrukh @implausibleblog on x 111.1K followers
Created: 2025-07-23 18:03:46 UTC
Governor of the Bank of England Andrew Bailey criticising Chancellor Rachel Reeves's plan to deregulate financial markets,
"Sadly I can understand when I hear people say the financial crisis is now way in the past, we got past that, that's all solved, out of the way, move on"
"For those of us who are veterans.. No"
"Yes the world moves on.. That was the experience of losing financial stability.. We had a very serious recession in this country after that"
"This is the fundamental point why financial stability is important"
"There is a Brexit point here as well"
"Quite a lot of our rule book we inherited from the European Union from being a member of the EU"
"EU rules are made for the EU as a whole, so you don't always get something that precisely fits your market"
"So this gives us an opportunity to look at that rule book and see how it makes it a better fit for the UK"
"But we can't compromise on overall financial stability"
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