UK bank chief against ties to EU finance rules

The Governor of the Bank of England said Wednesday the UK should not allow the European Union to dictate terms in its financial market.

Andrew Bailey said virtually in his annual Mansion House speech to the City of London, that it would be "unrealistic, dangerous and inconsistent with practice" for the UK to agree to EU rules it previously had followed.

Bailey argued that "this is a standard that the EU holds no other country to."

UK and EU regulators plan to sign an agreement by the end of March to outline the City's future relationship with Europe post-Brexit.