BAILEY THWARTS REEVES IN ROW OVER REVOLUT – BoE chief intervened as Reeves sought to aid Revolut’s UK banking ambitions
Bank of England Governor Andrew Bailey blocked a meeting between fintech giant Revolut and the Prudential Regulation Authority (PRA), reportedly arranged by Chancellor Rachel Reeves to support the firm’s bid for full UK banking status. The cancelled meeting aimed to discuss Revolut’s long-delayed licence application, which remains in the “mobilisation” phase.
The move follows Revolut CEO Nikolay Storonsky’s criticism of Britain’s “bureaucratic” regulators and comes amid concern at the Bank over political interference. Revolut, valued at $65bn, has been encouraged by the government to list in London rather than New York.
Mr Bailey’s decision also reflects ongoing tensions between the Bank and Reeves, whom he recently challenged over her pension investment mandates and deregulatory proposals.
Revolut was granted a provisional licence in 2023 after years of scrutiny over accounting concerns flagged by auditors in 2021. The PRA had initially considered rejecting the application, but later resumed talks on the condition of cleaner financial records and shareholder simplification.
