Bank of England to allow EU banks to operate in UK after Brexit

The UK gesture could also soften European Commission plans, due to be published later on Wednesday

The Bank of England will allow European banks to continue selling their services in the United Kingdom without having to create expensive subsidiaries after Britain leaves the European Union, the BBC reported on Wednesday.
 
The decision, if confirmed, would mean European banks offering wholesale services would not face new post-Brexit hurdles to operating in London, which vies with New York for the title of the world's financial capital. A BoE spokesman declined to comment on the report. The central bank is due to publish its approach to future supervision of foreign banks, insurers and clearing houses at 1300