This is why London might not remain the financial hub of Europe after Brexit
London may lose its commanding position as the financial hub of Europe once Britain has left the EU, Eurogroup president Jeroen Dijsselbloem said Thursday. "It will be hugely complex to allow the city to remain that service centre for Europe if there is a divergence of regulatory standards over time," Netherlands finance minister Dijsselbloem, who chairs gatherings of finance chiefs from the 19-nation eurozone, told a Berlin conference. Britain is set to leave the EU in 2019 after voters chose to walk out at a referendum in June 2016, prompting the government to trigger two-year exit negotiations last week. Brexit is likely to mean London banks lose so-called "passporting rights", which allow them to sell financial services unhindered across the remaining 27 EU member states — prompting fears for their business and also EU firms’ access to financing. "Declaring the rules and regulations of the UK equivalent to that of the EU at the outset is quite easy," Dijsselbloem said — referrin...
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