Rolling coverage of the latest economic and financial news, as deputy governor Ben Broadbent gives his final speech at the BoE The UK and its financial services sector cannot afford to give the “cold shoulder” to China, the City minister has warned. Speaking at the CityWeek conference in London this morning, Bim Afolami told attendees that it was “crucial” to engage with strategic competitors like China. “Like with any bilateral relationship, we don’t agree on everything. We are very clear that you simply cannot give the cold shoulder to an economy that is home to a fifth of the world’s globally systemically important banks, four of the world’s largest banks, and almost a third of the world’s leading global financial centres. “There is no point in us having the safest graveyard.” Continue reading...

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