UK finance minister says financial services will not be frozen out of EU

Britain’s chancellor of the exchequer will set out today why the country can still achieve a free trade deal with the EU that includes full access for the country’s FSCs.

Philip Hammond’s remarks come a day after his French counterpart ruled out such a trade deal for the financial sector once Britain officially leaves the EU in March next year. Speaking in London on Tuesday, Bruno le Maire, the French economy minister, dismissed the idea that financial services being part of a trade deal.

On Tuesday the French economy minister, told BBC Radio 4: “Financial services cannot be in a free trade agreement… we have to rely on equivalence regimes, that is the best solution for financial services.”

Hammond’s speech today comes after a period of sustained lobbying by the City of London for the government to guarantee access to the EU after Brexit. The chancellor will say, “A trade deal between the UK and the EU must start from the reality of today: that our economies, including in financial services, are interconnected; that our regulatory frameworks are identical.”

 

via International Investment

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