UK Scrambles to Secure Financial Services' Future After Brexit

12 January, 2018, 06:31 | Author: Wade Massey
  • UK Scrambles to Secure Financial Services' Future After Brexit

There are concerns that Brexit threatens London's status as the financial capital of Europe, and that banks are preparing to move thousands of jobs to the continent to preserve their access to the EU's single market.

Among those due to attend Thursday's meeting are Jes Staley, chief executive of Barclays, Mark Wilson, chief executive of insurer Aviva, and Richard Gnodde, chief executive of Goldman Sachs International, sources familiar with the matter said.

Putting behind us any narrative of "punishment" for leaving and focusing on the mutually beneficial relationships we have now and can continue in the future, the European Union will send a message to the British people which will resonate as they consider the options for their future.

UK-based banks and financial firms are anxious they will lose the passporting rights that allow them to trade freely in the European Union after Brexit - an outcome that is likely to see firms moving jobs to the continent.

The stance follows a Bloomberg News report that EU officials are considering a proposal to require Britain to pay for financial companies to access European markets following Brexit.

And turning the tables, the Chancellor told European leaders and Eurocrats they must specify what they want from a post-Brexit trade deal instead of sitting back and waiting for Britain to do all the legwork. "Anyone sticking it out into 2018 is in it for the long haul", said Hakan Enver, operations director at Morgan McKinley Financial Services.

"We produce and use too many plastics which, despite recycling efforts, become rubbish which we can not sell on global markets any longer in a way we used to do it in the past because of China", said, Günther Oettinger, EU Budget Commissioner.

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This week he again suggested the "only model available", given Mrs May's red lines over freedom of movement and on leaving the single market, "is that of a free trade agreement".

The two senior ministers are visiting the EU's major economy after Brussels' chief Brexit negotiator Michel Barnier urged European companies with commercial links to the United Kingdom to start preparing for increased "friction" in trade.

But as far as the financial services sector was concerned, there would be no cash changing hands.

Earlier he and Brexit secretary David Davis said the United Kingdom should get a tailor-made deal, and warned that there could be a repeat of the 2008 financial crash without continued financial co-operation. Both sides are now in the process of deciding exactly what they want to get from the talks.

The Chancellor's speech was a riposte to the EU's chief negotiator, Michel Barnier, who 24 hours earlier complained about a lack of detailed United Kingdom proposals on trade.

The guidance says "compliance activity", such as quality control of goods or medicines before they are released into the single market, "would need to be based in the EU or EEA (European Economic Area)" after Brexit.

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