Mr Bailey urged Brussels to back away from a spat with Britain concerning trade in financial services after Brexit. He accused the bloc of levelling greater demands against London than other partners. In the text of a speech he was due to deliver on Wednesday, the banking chief said: “The EU has argued it must better understand how the UK intends to amend or alter the rules going forwards.

“This is a standard that the EU holds no other country to and would, I suspect, not agree to be held to itself.

“We have an opportunity to move forward and rebuild our economies, post-COVID, supported by our financial systems.

“Now is not the time to have a regional argument.”

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