Brexit has hit UK’s economic openness, says Bank of England governor

Andrew Bailey says free trade demands greater international cooperation on financial rule-making

The governor of the Bank of England has called for greater cooperation on financial rule-making, warning that Brexit has affected the openness of the UK economy".

In an apparent swipe at those calling for the UK to develop a separate rulebook for banking and insurance activities, Andrew Bailey said free trade needed strong regulation based on agreements with foreign watchdogs.