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City of London

UK Treasury Aims to Avoid Brexit Regulation Fight With Bank of England

  • Finance bill may call for consultation on controversial powers
  • Chancellor Zahawi will pledge to make City more competitive
The Bank of England in the City of London.

The Bank of England in the City of London.

Photographer: Hollie Adams/Bloomberg
Updated on

The UK government is seeking to avoid a clash with the Bank of England by playing down the threat of prospective new powers for it to intervene in regulators’ decisions, according to two people familiar with their conversations.

The Treasury is likely to propose a rule that would allow ministers to block or change regulators’ plans in draft legislation to be published Wednesday. However, it may recommend a consultation about when the power could be used and how it would be enacted, the people said, asking not to be named discussing private consultations.