Bank of England Governor Andrew Bailey has clarified that there is no discord with the UK government regarding the delay in granting a bank license to fintech company Revolut.
Revolut License Delay
Last week, a Financial Times report highlighted that a meeting involving British Finance Minister Rachel Reeves, Revolut, and the Prudential Regulation Authority was canceled following Bailey’s intervention.
Significance of the License
The authorization of Revolut as a fully licensed bank is a significant matter for the UK government, especially as tech industry leaders have voiced concerns over tax changes affecting the wealthy.
Bailey’s Assurance
In an interview with CNBC, Bailey emphasized that there has been no disagreement between him and Reeves, asserting that the Bank of England and the Treasury maintain good relations.
Future Outlook
Bailey mentioned that the Prudential Regulation Authority is actively working with Revolut during its mobilization phase, though he refrained from commenting extensively on the specifics.
As the situation develops, stakeholders are keenly observing the progress of Revolut’s licensing process.
