Mark Carney: ‘No’ regulatory sweeteners

Not my usual habitat, I somehow blagged my way into the Mark Carney talk about the impact of Brexit on the City at Reuters last Friday. What I mainly learned is that I need to brush up my ‘adult banter’ as I’m so used to speaking with a sixteen-month old, that I now I just nod and smile when I talk to an adult. I swear I used to be able to do this! Ugh.

Financial stuff, FinTech, for example, is something I don’t feel very well versed in. So I thought he might talk a bit about this. But he really didn’t mention much. Only that London being the centre of financial technology innovation brings risks and complexities that need a proper level of regulation.

Regulation was his hot topic. Basically he referred to the current situation as being a ‘fork in the road’ for the global financial system, with the outcome of Brexit negotiations certain to have a significant impact on the way the City is regulated.

I found it particularly amusing that when someone asked if there would be any ‘regulatory sweeteners’ to encourage financial firms to do business in the UK, his response was an emphatic ‘No’. But I really loved that when the moderator said she was putting questions out to the ‘experts’ in the audience the first person to ask one came from the Daily Mail, which caused a roar of laughter in the room. Tough gig!

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