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Tuesday, 13 November 2018

UK, EU close to Brexit deal on financial services: UK official

Reuters , Thursday 1 Nov 2018
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The United Kingdom and the European Union have made progress on a deal to give London’s dominant financial center basic access to EU markets after Brexit, two British officials said, but no agreement has yet been clinched.

The deal being discussed would be based on the EU’s existing system of financial market access known as ‘equivalence’ - a watered-down relationship that officials in Brussels have said all along is the best arrangement that Britain can expect.

The Times newspaper said a tentative deal had been reached on all aspects of a future partnership on services, as well as exchange of data and including what would amount to a concession from the EU on bending the ‘equivalence’ rules.

Officials in Brussels and London said The Times report was wrong.

 

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