LONDON (Reuters) -Bank of England Governor Andrew Bailey warned on Friday of the danger of rolling back financial regulation as memories of past crises faded, and said central banks needed to keep close track of new potential threats.
“There is … a growing risk that because of this, as the pro-cyclical tide turns, we are inhibited from collecting necessary data in new areas of risk,” he said in a text released for an event hosted by the Dutch central bank.
British finance minister Rachel Reeves has said she wants to scale back regulation which she believes is holding back growth in the economy.
Bailey said he did not think that tougher regulation of banks in Britain after the 2008 global financial crisis was to blame for a lack of investment and weak productivity growth in the years since.
(Reporting by David Milliken and Yoruk Bahceli; editing by William James)
