The UK is confident it is on the verge of an agreement with the EU to give London’s vast financial centre access to EU markets after Brexit, financial services minister John Glen said on Monday. Home to the world’s highest number of banks and largest commercial insurance market, the City of London and its sister district in Canary Wharf are scrambling to prepare for Britain’s departure from the EU, the biggest challenge the UK financial sector has faced since the 2007-2009 financial crisis. Britain’s financial services sector, the biggest source of its exports and tax revenue, has been struggling to find a way to preserve the existing flow of trading after it leaves the EU. The government is looking for an improved form of the EU’s existing system of financial market access known as “equivalence” — a basic form of market access dependent on rules being kept broadly similar, and the basis for the EU’s relationship with countries such as the US. “I am extremely confident we will reach...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.