Mark Carney is right: Brexit must free the City of London from Brussels red tape

Mark  Carney has been no friend of Brexit but in his latest interview with the FT he has got two things absolutely right.

First, he has pointed out that the City, as the world’s leading financial centre, needs to be regulated here and certainly not by Brussels. The government of Boris Johnson has made it clear that regulatory alignment is in general not on the trade talks table; and that plainly includes City regulation. Some have argued that the City should exchange regulative authority for ‘access’ to the EU’s financial markets. This, as Carney clearly understands, would be nonsensical.

The City needs regulative independence to function successfully in the world market. The EU needs the City…