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LONDON (Reuters) - The European Union is unlikely to grant broad access for the City of London, and the flight of euro share trading from Britain to the bloc is permanent, UK bankers said on Monday.
FILE PHOTO: A general view of London is seen from the construction site of 22 Bishopsgate in London, Britain June 25, 2019. Picture taken June 25, 2019. REUTERS/Hannah McKay
Britain left the EU’s single market and customs union on Dec. 31 and a trade deal agreed by both sides does not cover financial market access, which is being handled separately.
Last Monday more than six billion euros ($7.3 billion) in daily euro share trading in London shifted overnight to platforms in the EU, in the first sign of Brexit’s impact on the City.
Officials will this week launch urgent talks to thrash out a Brexit deal for the City by March, The Mail on Sunday can reveal.
The Treasury’s top Ministers and civil servants will hold meetings with City lobby groups to form a plan for selling British financial services in EU countries.
John Glen, the City Minister, and Katharine Braddick, director general of financial services at the Treasury, will play key roles in drawing up a ‘memorandum of understanding’ with the EU.
John Glen, the City Minister, and Katharine Braddick, director general of financial services at the Treasury, will play key roles in drawing up a ‘memorandum of understanding’ with the EU