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November 2018
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Friday, 02 November 2018 17:00

Brexit: No 10 denies financial services deal has been reached

Brexit: No 10 denies financial services deal has been reached

Downing Street has quashed speculation that a Brexit agreement has been reached on financial services, after an overnight report that a tentative deal had been struck caused the pound to soar briefly. No 10 sources said no deal had been agreed, although the government added in a statement that it continued “to make good progress reaching new arrangements for financial services”, Caspian Energy News (www.caspianenergy.net) reports with reference to The Guardian.

The remarks came after reports that the two sides had agreed to give UK banks access to European markets as long as British regulation remained broadly equivalent to the EU’s.

In a rare public comment on a press report, the EU’s chief negotiator, Michel Barnier, tweeted: “Misleading press articles today on #Brexit & financial services. Reminder: EU may grant and withdraw equivalence in some financial services autonomously. As with other 3rd countries, EU ready to have close regulatory dialogue with UK in full respect for autonomy of both parties.”

The prime minister’s spokesman said: “Our objective is to go beyond existing EU equivalence regimes and agree a new economic and regulatory partnership with the EU over financial services. This will be based on the principle of autonomy for each side over decisions regarding access to its market.”

However, the EU has consistently said it will not give the UK a special deal for its financial services sector, insisting the system that works for US companies wanting to operate in the European market should be good enough for the City of London.

More details: https://www.theguardian.com/politics/2018/nov/01/brexit-deal-on-financial-services-agreed-report

Person in charge of the newsline: Olga Nagiyeva 

 

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