The Bank of England's governor has called on the European Union to rethink its approach to determining the UK's post-Brexit access to the trading bloc - in what is perhaps the most robust takedown of the region's so-called "equivalence" assessments by a senior UK regulatory official.

During a speech at Mansion House tonight, Andrew Bailey said that "the post-Brexit equivalence process between the UK and EU has not been straightforward", referring to the EU regulators’ process for granting market access to UK firms if the country’s financial rules are deemed similar to its own.