Reports suggest the EU’s chief Brexit negotiator wants to agree a special deal for UK banking. The risks to both Britain and Europe of failing to do so are obviousWhat should Theresa May,when she speaks on Tuesday approximately her plans for the UK’s exit from the European Union – say approximately the City and financial services? As an opening pitch, she should take her cue from the governor of the Bank of England and remind the EU 27 that the UK – whether only in this single commercial field – holds a strong negotiating hand.ticket Carney first made his point approximately the UK being “the investment banker for Europe” in November and final week’s reiteration set tough facts on the table for a second time: “whether you rely on a jurisdiction [ie the UK] for three-quarters of your hedging activities, and three-quarters of your foreign exchange activity,half your lending and half your securities transactions you should mediate very carefully approximately the transition from where you are today to where the new equilibrium will be.”Continue reading...
Source: theguardian.com