EU's Barnier calls British financial market proposals 'unacceptable'

LONDON - British proposals to give the City of London access to the European Union are"unacceptable" because they seek to maintain the benefits of the single market without the obligations, the bloc's chief Brexit negotiator Michel Barnier said on Tuesday .

Many banks and insurers based in Britain have opened hubs in the EU to continue serving customers there irrespective of what deal London seals with Brussels. Barnier said Britain has only responded to four of 28 questionnaires for assessing if British financial rules are similar enough to those in the bloc to allow direct market access.Britain's finance ministry said both sides are committed to completing the assessments ahead of the summer, and that it should be a straightforward process given they have similar rules.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fed launches primary market corporate credit facilityThe Federal Reserve announced that the Primary Market Corporate Credit Facility, one of several new programs launched to stabilize financial ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Pandemic leads to six months of global market mayhemProbably the best thing to say about world financial markets so far this year is simply that it has been quite a ride.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Apple not dominant in any market, plenty of rivals, senior executive saysIPhone maker Apple, the target of EU antitrust investigations into key segments of its business, on Tuesday rejected accusations of market ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »