LONDON - Britain will do whatever it can to ensure that its financial sector remains a major global player after Brexit, financial services minister John Glen said on Monday.
Financial firms in Britain lose unfettered direct access to investors in the bloc after Brexit and will instead have to rely on the EU’s system of equivalence. The EU on Monday agreed a 3-month flexible delay to Britain’s departure, until Jan. 31, after Prime Minister Boris Johnson was driven to request a postponement due to lawmakers rejecting the sequence of the ratification of the divorce deal agreed with Brussels.
“We have got to weigh the issue up very carefully,” Glen said, adding it was difficult to know “where it would land” until equivalence negotiations with Brussels started.Britain needs to be able to set its own rules and Glen hinted that some of the EU’s capital rules for insurers could be amended, given what he called “pressure” in Britain for changes.
plenty of help from the US...
Stop spreading propaganda . Your statement that “Britain has said it does not want to be a permanent 'taker' of EU rules to maintain EU financial market access” is farcically untrue. There are many that want to maintain EU membership as it is by the far the best deal.
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