European Union banks in the United Kingdom will operate 'as normal' after Brexit

21 December, 2017, 01:30 | Author: Genevieve Gibbs
  • Tough talk as Carney says City can get special deal			
				 
   by Joel Taylor 
  Published

By allowing branches of EU banks in London to be supervised by their home regulator, Britain will be hoping the bloc would in return allow euro clearing to remain in Britain.The UK gesture could also soften European Commission plans, due to be published later on Wednesday, to stiffen the conditions for allowing investment banks from outside the EU to operate inside the bloc.

Legislation meant to smooth Britain's exit from the European Union moves a step closer to becoming law on Wednesday, as ministers begin working out what they want from Brexit.

But the European Union has agreed that the best date for it to end is on 31 December 2020, which is when the EU's multi-year budget ends.

The EU's chief negotiator Michel Barnier said that any deal struck would inevitably result in Britain's banks and financial companies losing rights to trade across the bloc.

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Britain will need a transition after Brexit that will avoid businesses having to adjust to new rules and regulations twice.

The 21-month transition would align the UK's final departure with the end of the EU's seven-year budget, to which Britain contributes.

Talks on a transition period are due to start in January after a green light from European Union ministers, with Britain hoping for an agreement on the main principles by March.

Mr Barnier also appeared to indicate that Spain would have a veto on any transitional arrangements covering Gibraltar, saying decisions on the issue would be "made for the 27, unanimously, by consensus".

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The apparent concession marks an important move to reassure the City that it will be business as usual after Brexit and that the authorities intend to make it as easy as possible for foreign firms to operate, according to unnamed sources cited by the BBC.

But Mrs May told Prime Minister's Questions in the House of Commons: "We are not going to exclude Gibraltar from our negotiations from either the implementation period or the future agreement".

In an interview with The Guardian and European newspapers, Mr Barnier said on Monday there is "no place" for financial services if the United Kingdom leaves the single market when it leaves the EU.

His comments made clear that he envisages a document falling some way short of a full free trade agreement of the type being sought by Mrs May.

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New Brexit talks are due to start in early January, but talks on future relations will require more negotiating guidelines for Barnier, and those are only expected to be endorsed by European Union leaders in March.

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