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Andrew Bailey blocks Rachel Reeves’s meeting with Revolut
(www.thetimes.com)
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this post was submitted on 30 Jul 2025
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UK Politics
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General Discussion for politics in the UK.
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This is a strange bit of public feuding between the government and BoE.
Revolute is an interesting company which might be first to introduce Wero (EU based Visa/Mastercard competitor) to the UK, which is competition we need, but they are also heavily involved with crypto.
I just don’t know who is getting bribed and influenced the most, or in the end what is the best for the people.
Generally the BoE makes a lot of sense, and I don't see anything here that would change my position. I haven't seen whether Revolut has had their licence upgraded from limited yet, but that has to be due any day now that they've had their 1 year limited trial to prove operations.
When you are dealing with peoples money, I don't want these things to get rushed, and Reeves saying things like
Financial services is doing great. Probably one of the best performing parts of the UK, why don't you concentrate on literally anything else, like taxing unearned income?
This is the point I don’t really get, if their licence is days away from issue anyway why would Reeves meeting with them be a problem?
No argument from me regarding a wealth/unearned income tax, how this has not be implemented is beyond me. It just reeks of corruption.
Because financial institutions, including the BoE have a lot more on the line, and need to keep reputational appearance even if politicians don't care because they will be out on the streets before the next election.
What's Reeves hoping to gain from this, while making claims of "cutting red tape"? It sounds like simple political interference, and as such she can fuck off.
@manualoverride @mannycalavera
There's a lot of fraud on Revolut unfortunately.
There is a lot of fraud in general, looks like the majority was due to Revolut’s “virtual cards” which is a new attack vector for fraudsters, and their newness means customers can get confused into falling victim.
The lack of FSCS protection and their attempts to shirk responsibility when fraud occurs is not great, especially when being scrutinised to assess their suitability for a banking licence.
How would Wero work in the UK? Surely it's Euro only? Interested to learn more.
There are a lot of Euro financial initiatives that the UK financial services drive and adopt, such as Open Banking and Open Finance.
Don't mistake the UK being outside of the EU with Financial Services in the UK, they see big picture plans and generally ignore the smaller petty politics.
In this case, as Wero gets adopted, it's in their best interests to support it otherwise there is a risk that customers would not be able to purchase when travelling and what's the point of adopting that risk when you could just support it?
Very true. Excellent point there.
An example of a UK company taking advantage of Open Banking is TrueLayer, but ira merchant side implementation. Ryanair and quite a few other companies have jumped on this and you can "Pay by Bank" at checkout.
@makingrain @manualoverride
Interesting question, I'll try to find out.
It's very easy to use but only for low value transfers, only the beneficiary's phone number is needed.