BoE’s Bailey says bank rules were delayed because of US competition

LONDON (Reuters) – The Bank of England delayed introducing new rules for banks to avoid putting British firms at a competitive disadvantage to the U.S. where President Donald Trump has promised to cut back on regulation for business, BoE Governor Andrew Bailey said.

“We do need an agreement on Basel going forward. We have delayed that because of the uncertainty from the U.S. angle because there’s a competition issue,” Bailey told the Treasury Committee in the lower house of parliament.

(Reporting by David Milliken and Suban Abdulla; Writing by William Schomberg)