Bank of England governor predicts the industry will thrive after Brexit but warns that regulations must not be watered down
The governor of the Bank of England has predicted that the financial sector could double in size to be 20 times as big as GDP within the next 25 years, but warned that the government must hold its nerve and resist pressure to water down regulation after Brexit.
Speaking to the Guardian to mark the 10th anniversary of the start of the global financial crisis in August 2007, Mark Carney said a thriving City meant more jobs, tax revenues and exports. But the governor said the City should not be allowed to expand rapidly if it meant repeating the risky speculation of a decade ago.