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While testifying before the Treasury Select Committee on Wednesday, Bank of England (BoE) Governor Andrew Bailey said that the economic downturn in the last quarter wasn’t that great when compared to their forecasts, per Reuters.

Additional takeaways

“We’ve seen quite big numbers in terms of migration of share trading to the EU.”

“If the price of financial services equivalence is too high, we can’t just go for it.”

“I think the end-of-March deadline for talks with the EU on financial services trade is reasonable.”

“We are not in the business of deciding banks’ dividend policy, last year was an exceptional circumstance.”

Market reaction

The GBP/USD pair showed no reaction to these remarks and was last seen losing 0.3% on the day at 1.3582.