Rishi Sunak has backed down in his longstanding power struggle with the Bank of England over plans to let ministers over-rule City regulators and force them to take advantage of the “opportunities of Brexit”.
The prime minister had proposed a controversial new “intervention power” for ministers, which BoE governor Andrew Bailey warned would seriously undermine the independence of financial services watchdogs.
Sunak wanted to loosen City rules so that insurers would have to retain smaller capital buffers, hopefully releasing tens of billions of pounds to be spent on infrastructure, including green technology.
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