European Union assessments of whether to grant market access for UK banks and other financial firms will not be completed in time for January. — Reuters pic
The many separate EU assessments are being made by the European Commission, which declined to comment yesterday, under the bloc’s system of direct financial market access known as equivalence. With the trade talks snagged over three main issues, a second EU diplomat — who also was present at the Commission briefing — said the bloc would move more easily on the equivalence decisions if there was a breakthrough on trade.
It has also said that it wants more information from Britain about its intentions to diverge from EU rules after next month. Britain has said it has completed questionnaires from the bloc.
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