Britain wants a durable relationship with the European Union for 'decades t...
LONDON - Britain wants a durable relationship with the European Union for “decades to come” in financial services as part of a new free trade agreement with the bloc, Britain’s finance minister Sajid Javid said on Tuesday.
“If the EU, like us, wants a durable relationship, we should also include measures to directly address the long-term needs of industry for a reliable equivalence process,” Javid said in an article in City AM newspaper. Equivalence only covers some financial activities, basic banking is excluded, and Brussels can in theory scrap access with just 30 days notice in some cases.
“This is important not only in the short term, but to establish the norms and ways of working with the EU that will endure for decades to come,” Javid said. An unverified photo of a government briefing paper on equivalence taken outside Javid’s Downing Street office by PoliticalPics on Monday spoke of “comprehensive, permanent equivalence decisions” as an opening position for Britain.
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