City of London suffers major blow on post-Brexit relationship with EU

City of London trader sad
A dealer on the trading floor of IG Index reacts in London May 7, 2010.

Reuters/Paul Hackett


The European Union late last week dealt a major blow to the UK’s financial services sector in the lead up to Brexit, after negotiators rejected the plans for the sector laid out by the British government in Prime Minister Theresa May’s controversial white paper.

According to a report from the Financial Times, the EU’s chief negotiator Michel Barnier, last Friday told EU ministers that the financial services elements of May’s Brexit plans could not be accepted as they threatened to rob the bloc’s “decision-making autonomy” when it comes to finance.

The UK, earlier in July, proposed a new relationship between the highly interconnected financial services sectors of the UK and the EU that would involve a system of so-called “equivalence.”

Under the plans in the white paper, the government said it will seek to…

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