Britain hopes to reach Brexit financial services deal soon

Published: November 05, 2018 16:45:45 | Updated: November 21, 2018 20:40:27

-Reuters file photo

Britain hopes to reach a deal with the European Union soon on its post-Brexit financial services trade with the bloc

Financial services minister of the United Kingdom John Glen came up with the statement on Monday, reports Reuters.

 “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,” the UK minister said.

Glen said the government was prioritising 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 would 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.

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.

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