LONDON – Britain’s future access to European Union financial markets is looking increasingly patchy, as Brussels tries to limit the activities which can be carried out from London, prompting more business and jobs to cross the channel.
Central to the argument is whether Brussels deems UK financial rules “equivalent” or aligned with the EU’s. Britain says this should be straightforward given both sides have the same rules at the outset. Around 330 financial firms had already relocated some business from Britain to the EU, affecting 5,000 staff by October last year, ahead of a short COVID-19 induced pause, said think tank New Financial.
All three have opened EU hubs as insurance, with final decisions on equivalence not expected until a wider free trade agreement that includes fisheries and other sensitive sectors is hammered out, something that is likely to drag on until at least October. The “weaponisation” of equivalence so far was a taster of what’s to come, a UK banking official said. “Are you going to be comfortable with building a business model on that?”“For business coming in, it all depends on how the UK authorities react to a world of what is effectively one way access,” Herbst said.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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