We’ll Use Brexit Freedom to Slash Red Tape on Banks, Vows BOE’s Bailey

The Bank of England will use newfound Brexit freedoms to shield Britain’s banks from international red tape, Andrew Bailey has said, The Telegraph reported. The Governor said that the Bank was seeking to exclude some domestic lenders from incoming rules that require lenders to hold more money in reserve to help survive a crisis. Mr Bailey said leaving the European Union meant the UK could shield smaller banks from some elements of the stringent Basel rules, which were drawn up internationally in the wake of the 2008 financial crash.
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Bank of England Cuts Rates, Sees Higher Inflation and Weaker Growth

The Bank of England lowered interest rates by a quarter of a percentage point on Thursday, judging a sharp upward revision to its inflation forecasts for this year will prove temporary, while two officials called for a bigger rate cut against a backdrop of weaker growth, Reuters reported. The cut to 4.5% was in line with economists' expectations in a Reuters poll, but the two dissenting votes from external members Catherine Mann and Swati Dhingra in favour of a bigger rate cut to 4.25% were not.
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Thames Water Running Out of Money ‘a Risk Which Cannot be run’, High Court Told

Allowing Thames Water to run out of money by not approving restructuring plans is “a risk which cannot be run”, the High Court has been told, PA Media reported. Thames Water Utilities Holdings Limited, the parent company of Thames Water Group, England’s largest water company, is set to run out of cash by March 24 and risks entering special administration if a judge does not approve its plans to inject up to £3 billion to keep it afloat.
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BOE’s Bailey Says Big Decisions Needed to Stop Public Debt Surge

Bank of England Governor Andrew Bailey said that “very big decisions” will be needed to stop Britain’s public debt pile spiraling higher, as he gave his backing to the government’s efforts to boost growth, Bloomberg News reported. Bailey told lawmakers on Wednesday that climate change, an aging population and an end to the “post-Cold War dividend” on defense spending are “very big structural headwinds” facing the already-stretched public finances.
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