Bank of England Governor Andrew Bailey said on Tuesday that a rise in British government borrowing costs was not out of line with increases in other countries. "We have seen steepening of yield curves going on now,

Bailey (pictured) made clear that he did not share Reeves' recent claim that the enforcement of red tape acted as a 'boot on the neck' of business.

The Bank of England governor has distanced himself from an attack by chancellor Rachel Reeves on financial regulation, including bank ringfencing, saying he would not use the rhetoric she deployed. In her Mansion House speech last week,

Bank of England Governor Andrew Bailey said on Tuesday he did not agree with finance minister Rachel Reeves' description of regulation as a "boot on the neck of businesses" and he defended rules for the banking sector which are overseen by the BoE.

Bailey (pictured) made clear that he did not share Reeves' recent claim that the enforcement of red tape acted as a 'boot on the neck' of business.