• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Politics

Sunak admits UK and EU fail to sign financial services deal

Ministers has previously hoped to sign a so-called “memorandum of understanding” by March this year.

Henry Goodwin by Henry Goodwin
2021-07-01 12:35
in Politics
FacebookTwitterLinkedinEmailWhatsapp

The UK and EU have failed to strike a deal over the British financial sector’s role in Europe, the Chancellor has said.

Rishi Sunak confirmed that the two sides have failed to sign an agreement for mutual recognition of financial services rules between London and the Continent since the Brexit transition period ended in January.

Ministers has previously hoped to sign a so-called “memorandum of understanding” by March this year, since no deal for the sector was signed ahead of the UK’s withdrawal from the EU.

He told a room of young chief executives and entrepreneurs at Mansion House in London: “Our ambition had been to reach a comprehensive set of mutual decisions on financial services equivalence. That has not happened.”

Sunak added that there is no reason why an agreement cannot be signed with the EU and said fears that regulatory standards could slip are wide of the mark.

“The EU will never have cause to deny the UK access because of poor regulatory standards,” he said.

“Take firms like clearing houses, which are fundamental to the open, free markets that we advocate…

RelatedPosts

‘Let’s make Brexit boring’: Nigel Farage savages Keir Starmer’s pitch to Leave voters

‘What have we done?’: Brexit costing UK £100 billion a year

Starmer unveils new three-word Brexit slogans for Labour Party

BBC journalist says ‘dogs on the street in Westminster’ knew what Pincher was like

“The UK already has one of the world’s most robust regulatory regimes for central counterparties.

“And our plan is not to weaken but strengthen that regime, because we believe in high-quality regulation.

“It is also entirely within international norms for like-minded jurisdictions to use each other’s market infrastructure.

“So I see no reason of substance why the UK cannot or should not continue to provide clearing services for countries in the EU and around the world.”

His comments came as he also laid out details about new deals with Singapore and Switzerland, alongside ongoing discussions with the US over financial markets.

“The US is already our biggest market, with the UK exporting 28 billion of financial services every year,” said Sunak.

“Our ambition is to deepen regulatory co-operation even further, with our closest ally.”

The Chancellor also said the UK must have a “mature and balanced relationship” with China.

“The truth is, China is both one of the most important economies in the world and a state with fundamentally different values to ours.

“We need a mature and balanced relationship. That means being eyes wide open about their increasing international influence and continuing to take a principled stand on issues we judge to contravene our values.”

During the speech, the Cabinet minister also said the UK will continue to improve its financial services to be competitive globally.

He said these will include increasing links with other global financial centres, being more competitive on regulation and tax, tapping into the growing tech sector and enhancing the UK’s position for green finance.

On the final point, he confirmed the launch of a green savings bond for households to invest directly into the scheme which will fund new firms focused on reducing carbon emissions.

The Chancellor said there will also be new requirements for businesses and financial products to disclose sustainability information.

City of London Corporation police chairwoman Catherine McGuinness told the PA news agency after the event: “I think what was said about the EU sounded absolutely right to me, that we have a long shared history and shared values and we need to work with them.

“But we also need to accept the fact that if we’re not going to have equivalence decisions and we need to decide our own way forward with that as the backdrop.

“We need a strong relationship with them and we need to work with them.”

Related: Outrage as BBC Bitesize lists ‘positive impacts’ of climate change

Tags: BrexitFinancial servicesRishi Sunak

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Ruler of Dubai submits plans for his iconic 63,000-acre luxury estate in Scotland

How sperm became a $5 billion market

‘Stanley Johnson clause’ permits foreign travel to inspect second homes

“Alarm bells should be ringing for Government” – sharpest fall in UK manufacturing output since 2012

Home Office ‘to send unaccompanied CHILDREN to Rwanda’ within days

Boy, six, among those killed by gunman at California garlic festival

BBC’s Dan Walker called out a Daily Mail blooper and it was epic

The government’s ‘stay alert’ slogan is actually an anagram of something else

Recruitment entrepreneur calls on business leaders to give generously to Grenfell Tower appeal

‘What has the Queen ever done?’ Dr Shola rips into the royals and demands reparations

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.