City Watchdogs: Nobody Panic...Yet

The BoE says chill...for now.
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By Cristian Bortes from Cluj-Napoca, Romania (London - Queue at Bank of England) [CC BY 2.0], via Wikimedia Commons

Who needs some money? Wikimedia Commons

The Bank of England and Financial Conduct Authority know that it looks like the sky is falling over London right now, but fear not: Brexit is nothing that £250 billion from the Bank can’t at least temporarily stave off the more serious fallout from. And nothing else is going to change, either, until it does.

Much financial regulation currently applicable in the UK derives from EU legislation. This regulation will remain applicable until any changes are made, which will be a matter for Government and Parliament.

You know, that same government and Parliament that spent the last few months pointing out just how incredibly stupid it would be for the British people to do the thing they’ve just done. But even if they—or their successors—did decide to take up that challenge, don’t hold your breath. Or at least be careful what you wish for.

After voting to leave the EU, Europe's biggest financial centre is now free to do as it choses, but the cost is high: it faces losing access to the world's biggest trading bloc unless it continues to apply EU rules….

"There is little enthusiasm in the City to have a bonfire of regulation. Financial regulation is not going to change," Boleat told Reuters.

FCA Issues Statement Detailing Impact On Financial Regulation After Brexit [Finance Magnates]
Bank of England Pledges $345 Billion For Brexit Volatility [Investor’s Business Daily]
No EU regulation bonfire for City of London after Brexit [Daily Mail]

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