LONDON - Britain’s financial services industry could fare less well than energy, autos and other sectors under a free trade deal with the United States, the government said on Monday.
There could be a “small reduction” in value from financial services under a U.S. trade deal, while energy, motor vehicles, chemicals, plastics and rubber sectors would see large percentage increases, the government said. Trade liberalisation in the financial services sector will still help economic growth, the government said.
The City of London financial district said an FTA could set a new global standard on what is possible in cross-border financial services trade.
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