LONDON – Britain is confident that it will “imminently” reach a deal with the European Union on its post-Brexit financial services trade with the bloc, British financial services minister John Glen said Monday.
Britain is looking for an agreement based on an improved version of the EU’s “equivalence” system of financial market access, whereby Brussels allows foreign firms to operate on its turf if their home rules are closely aligned with those in the bloc.
“I am extremely confident we will reach an imminent deal,” Glen told a financial services conference in London. “There is common ground. That is why we are increasingly positive on the expectation of reaching a deal.”
Glen said the government is prioritizing the need to have a long-term and best solution for the “power house” financial services sector.
“There is no competitor worthy of replacing us,” Glen said, adding there will be no regulatory “isolation” or race to the bottom in financial rules after Brexit.
He also said that the loss of jobs in the City as banks and insurers open new hubs in the bloc ahead of Brexit next March has been a fraction of what “scaremongers” had originally predicted.
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