Bank of England Governor Andrew Bailey has intervened to block a meeting that UK Chancellor Rachel Reeves sought to arrange between digital-banking group Revolut and the country’s financial regulators, according to people familiar with the matter. The gathering was expected to discuss the fintech firm’s long-running bid for a full UK banking licence, an application that has been pending since early 2021. Bailey’s decision underscores rising tension between the Treasury and the central bank over how the City of London should be overseen as the new Labour government pledges to spur fintech growth. Revolut, valued at about $33 billion in its last funding round, has expanded rapidly across payments, trading and crypto services but remains reliant on an e-money licence in the UK. Neither the Bank of England nor the Treasury commented on the reported intervention.