BofE official calls City’s bluff

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FT Alphaville ¬ª BofE official calls City’s bluff.

A senior Bank of England official said that if some banks moved overseas in response to tougher UK regulation, “it might be a price worth paying” to protect vital financial system reform. The comments, by Andy Haldane, the Bank’s head of financial stability, in a BBC interview to be broadcast on Friday, will add to tensions between the authorities and the financial sector, which has already attacked the government’s new 50% bank bonus tax.

He's got it right.

It is a price worth paying.