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Brexit explosion: City on brink of trade revolution – UK eyes mega-deals with NINE nations

#Brexit explosion: City on brink of trade revolution – UK eyes mega-deals with NINE nations #BrexitBritain

6/22/2021 9:37:00 PM

Brexit explosion: City on brink of trade revolution – UK eyes mega-deals with NINE nations BrexitBritain

BREXIT Britain could be set for a huge boost as the Treasury works to secure the City of London with more ambitious trade ties outside the European Union, with up to nine financial powerhouses in the UK's sights.

| UPDATED:19:36, Tue, Jun 22, 2021Link copiedBrexit: Expert discusses 'importance' of UK financial servicesSign up to receive our rundown of the day'stop storiesSUBSCRIBEInvalid emailWhen you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our

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explains more about how we use your data, and your rights. You can unsubscribe at any time.The UK completed its full departure from theEuropean Unionat the end of last year, ending 47 years of membership following the agreement of an 11th-hour trade deal after months of tense and often bitter talks. But financial services was largely bypassed in negotiations between the two sides, with rows intensifying about the City of London's access to lucrative markets throughout the EU after

. This has led to fears many global financial institutions with a significant presence in the Square Mile would be forced to move bases elsewhere in the continent.Related articlesHuge boost for London as Goldman Sachs opens new bankBut in a major boost, City Minister John Glen, who is also Secretary to the Treasury, said the UK will pursue “deeper dialogue” on financial services with a number of trading partners, including the US, Australia, Japan, Switzerland, Singapore and China.

He insisted the move would ultimately help the Square Mile “thrive outside the EU”.Mr Glen told the City Week conference in London: “When it comes to developing a more open industry, we've been working hard seeking new international financial services agreements.

“We've already signed a number and we're continuing the financial services dialogues with other countries, including the US, New Zealand, Australia, Japan, Switzerland, Singapore, China, India and Brazil.”Brexit news: The Treasury is aiming to secure the City with more ambitious trade ties outside the EU

(Image: GETTY)Brexit news: Boris Johnson celebrates signing the trade deal with the EU(Image: GETTY)He added: “It's often about a deeper dialogue, it's actually looking at mutual recognition agreements and indeed, as we have with Switzerland, we're pursuing an extremely ambitious agreement.”

Following Brexit, the EU trading bloc has only granted the City of London improved access in a small handful of equivalence decisions.Mutual recognition, which is where countries agree each other's rules are up to the required levels, has proved a major stumbling block in negotiations between the UK and EU over recent months.

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Earlier this year, Britain and Switzerland opened talks over a mutual recognition agreement to reduce hurdles for access to each other's markets.READ MORE: Brexit news: Financial services was largely bypassed in trade talks between the UK and EU

(Image: GETTY)TrendingMr Glen said: “While openness means deepening international relations, we think it also means improving our own domestic competitiveness too so that we can take full advantage of our new position on the world stage."And that means creating the right conditions for industry to thrive outside the EU.”

In the latest free trade boost announced last week, the UK and Australia announced an agreement between the two countries that will see Brexit Britain enjoy improved financial services relationships.The deal has received widespread praise from financial experts, with TheCityUK hailing the FTA as showing “real ambition to improve global services trade” and showing the UK can “negotiate real commercial benefits”.

Read more: Daily Express »

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Truss identifies £37BN boom from trade group outside EU 'UK will be global digital hub'LIZ TRUSS has explained Britain will see a rise of £37 billion in trade after a trans-Pacific free trade agreement would unlock 'unparalleled opportunities'. Lets get cracking then Oh goody well then that will pay for the amount of freebie handout given to DidoHarding's Serco for their broken no use Test and Trace system. Out and out liars

UK begins talks to join Asia-Pacific CPTPP trade treatyMove is key part of Liz Truss’s plan to pivot trade away from Europe after Brexit Because nothing says this government takes climate change seriously more than the act leaving a trading block on our doorstep and trying to join literally on the other side of the world. We are governed by idiots We’re going to need a boat Isn’t there a really big market very near

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Thousands of phones will blast a 'siren-like' alarm in the UK today, here's whyIF YOUR smartphone could be about to blast a high-pitched 'siren-like' alarm this afternoon - but don't panic, there's nothing to worry about. Instead of alerting phone owners about imminent danger, the sound is only a trial for an upcoming nationwide alarm system.