Burton Mills: EU to Offer Financial Market Access to UK
Burton Mills: Progress made as European Union expresses willingness to allow UK financial services some market access.
TAIPEI CITY, Taiwan, April 26, 2018 (Newswire.com) - Earlier this week, City minister, John Glen stated that the European Union will offer some access to the UK’s extensive financial services sector after Brexit.
Burton Mills analysts say there is a sense that the transition agreement reached by the UK and the EU has given financial firms the confidence to plan for the future.
Glen stated at a recent conference that progress is being made, with the European Union expressing willingness to allow market access to UK financial services where it previously rejected the notion.
Burton Mills analysts say the UK’s extensive financial services sector could be one of the most problematic areas of the Brexit divorce discussions. The UK is insisting on a generous agreement while the European Union stands firm in its belief that such an agreement is impossible given the inability of workers to move freely from the EU after Brexit.
Britain has put forward a future trade agreement with the EU for financial services that allow for independent regulations. Burton Mills analysts say this proposed trade model would be closely monitored by regulators and policymakers. To date, the European Union has rejected this proposal saying that it would be too difficult to manage on such a large scale.
The other alternative is a single-sided system whereby the UK is granted access only if its regulations are in line with those of the European Union. This access could be denied at any time with very short notice.
Burton Mills analysts say that any market access granted to the UK would be subject to the condition of accepting certain European Union regulations but pro-Brexit negotiators have so far rejected this idea.
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Source: Burton Mills