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BoE’s Bailey warns EU against ‘dubious’ attempt to grab multi-trillion clearing business

BoE’s Bailey warns EU against ‘dubious’ attempt to grab multi-trillion clearing business

Business
Bank of England governor Andrew Bailey has warned Brussels against creating a "serious escalation" by forcing firms to relocate euro clearing business away from the UK.Mr Bailey told MPs Britain should "resist very firmly" any attempt by the EU to try to dismantle by "dubious" means the dominance of London in clearing euro-denominated derivatives - a business sometimes described as the plumbing of the financial market. It was the latest broadside by the governor on Europe, two weeks after he took Brussels to task over its apparent intransigence on granting post-Brexit "equivalence" for Britain's financial services sector. Image: Andrew Bailey said moves possibly being considered by Brussels would be controversial Appearing before the ...
Strictly Come Dancing: Bill Bailey crowned 2020 winner

Strictly Come Dancing: Bill Bailey crowned 2020 winner

Entertainment
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Bank of England boss Bailey backs end of furlough scheme

Bank of England boss Bailey backs end of furlough scheme

Business
Media playback is unsupported on your device The Governor of the Bank of England has backed the government's decision to end its furlough scheme in October.Andrew Bailey told the BBC it was important that policymakers helped workers "move forward" and not keep them in unproductive jobs.He said coronavirus would inevitably mean that some jobs became redundant.The Bank also predicted the economic slump caused by Covid-19 will be less severe than expected, but warned the recovery will also take longer.More than nine million jobs have been furloughed under the government's job retention scheme, but the Bank expects most people to go back to work as the economy recovers.Trade unions have urged Chancellor Rishi Sunak to extend the scheme, which pays...
Twins sign free agent pitchers Rich Hill, Homer Bailey

Twins sign free agent pitchers Rich Hill, Homer Bailey

Sports
Dec. 31 (UPI) -- The Minnesota Twins bolstered their starting rotation Tuesday, signing free agent pitchers Rich Hill and Homer Bailey. Bailey and Hill each agreed to one-year deals with the American League Central franchise. Sources told MLB.com and ESPN Bailey's deal is worth $ 7 million, while Hill's contract is worth $ 3 million. Hill, 39, is not expected to play until midseason after having arm surgery. The left-handed pitcher posted a 2.45 ERA and 4-1 record in 13 starts last season for the Los Angeles Dodgers. The veteran starter owns a career 3.82 ERA with a 65-42 record in 284 appearances. Hill played for the Chicago Cubs, Baltimore Orioles, Boston Red Sox, Cleveland Indians, New York Yankees and Oakland Athletics, in addition to his multiple tenures with the Dodgers. Hill worke...
Andrew Bailey appointed as new Bank of England governor

Andrew Bailey appointed as new Bank of England governor

Business
Andrew Bailey has been appointed as the next governor of the Bank of England.Mr Bailey, aged 60, is currently chief executive of the Financial Conduct Authority (FCA), the City watchdog.He will become the 121st governor of the Bank of England on 16 March, taking over from Mark Carney, and will serve a full eight-year term.The search for the new governor began in April and Mr Bailey, who spent more than 30 years at the Bank, was seen as an early favourite for the job.However, the FCA has faced criticism in recent months over its regulatory scrutiny of the flagship fund of one of the UK's best known money managers, Neil Woodford. The fund was suspended in June and eventually closed, with investors expected to lose large sums of money.In addition, the FCA's ...