ECONOMY

Britain and European Union at loggerheads on financial services

Britain and Brussels are divided over access to financial markets after Brexit.

UK Finance Minister Sajid Javid said Tuesday he wanted a stable financial relationship for decades to come...only to get an instant knock-back from EU officials.

Britain left the EU last month, and its powerful financial services firms will lose privileged access to EU customers from next January.

Only in sub-sectors where rules are deemed 'equivalent' will an exception be made - but Javid said equivalence should apply to the whole financial services industry.

Arguing in a London financial paper its rules are as tough as the EU's.

Michel Barnier, the European Union's chief Brexit negotiator, said Britain should be under 'no such illusion'.


02.12.2020
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