FINANCIAL SERVICES
Theresa May rejects passporting, but is confident of good Brexit deal
London — Prime Minister Theresa May defended her decision to rule out passporting rights for banks after Brexit, saying Britain could not become a "rule taker" in financial services. She said this in an interview broadcast on Sunday, but recorded on Friday after a speech in which she appealed for flexibility from the bloc. May said her vision for future ties to the EU was a credible one and she was confident of reaching a good Brexit deal. Setting out her thinking in more detail, May said that the financial-services sector was too important to the British economy for Brussels to retain control of it under the existing passporting arrangement. Passporting rules allow EU finance companies to sell their services across the 28-member bloc with a local licence, rather than getting a licence for each country where it does business. "If we were to accept passporting we’d just be a rule taker, we’d have to abide by the rules that were being set elsewhere," May said in the interview with the...
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