Reeves' EU reset bid to keep UK centre for multi-billion money market

The Chancellor is in Brussels as part of the Government's attempts to reset relations with the EUis expected to raise the City of London’s continued position as the clearing house for the $500trn Euro-denominated derivatives market when she meets her EU counterparts in Brussels on Monday.She will be the first British Chancellor to attend the Eurogroup meeting of EU finance ministers since Brexit, as she looks to reset the UK’s ties with the bloc.

The London Clearing House, part of the Stock Exchange, has 90 per cent of the market in Euro derivatives, and there have been some attempts from Brussels post Brexit to reduce reliance on the City. In words issued ahead of the meeting, the Treasury said the Chancellor will acknowledge Britain and Europe’s “fractious” relationship in recent years, and will tell her counterparts: “Division and chaos defined the last government’s approach to Europe. It will not define ours.”

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