Wednesday, October 31, 2018

UK, EU agree tentative Brexit deal on financial services: The Times

(Reuters) - British Prime Minister Theresa May has struck a tentative deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday.

British and European negotiators have reached tentative agreement on all aspects of a future partnership on services, as well as the exchange of data, the British newspaper reported, citing government sources.

The services deal would give UK companies access to European markets as long as British financial regulation remained broadly aligned with the EU’s, the Times reported.


The British pound jumped as much as 0.5 percent against the dollar following the report.

Global banks operating in the UK have had to reorganize their operations around Britain’s departure from the European Union, due to take place in March next year. Many have set up new European hubs and begun to move operations, senior executives and staff to ensure they can continue to serve their continental clients if Britain leaves the bloc without a deal.

According to the Times’ report, EU will accept that the UK has “equivalent” regulations to Brussels, and UK financial services companies will be allowed to operate as they now do in Europe.

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