Britain set out on Monday how it would let European Union financial services firms operate in Britain after a post-Brexit transition period ends on Dec. 31, saying it was no longer waiting for Brussels to decide access to its markets in return.
Finance
minister Rishi Sunak said it was clear that there were “many areas”
where the EU was not prepared to assess Britain’s requests.
“Of course we will always want a constructive and engaged relationship with the European Union,” Sunak told parliament.
“But
after four years. I think it is time for us to move forward as a
country and do what’s right for the UK to provide certainty and
stability to industry and deliver our goal of open, well-regulated
markets.”
London
and Brussels are still locked in talks about a broad trade deal less
than two months before the scheduled end to the transition period.
Access
to EU markets for Britain’s huge financial services industry is being
treated separately under the bloc’s equivalence system.
Brussels
grants access to its markets if rules for foreign financial firms in
their home country are deemed to be equivalent or as robust as
regulation in the bloc.
Sunak
said Britain would grant a package of equivalence decisions across a
range of financial activities to the EU and member states of the
European Economic Area, regardless of what the bloc eventually decides.
The
finance ministry said it was not ruling out further equivalence
decisions if they were in Britain’s interests and it remained open to
further dialogue with the EU.
“Where others might wish to use equivalence as a political weapon, that won’t be our approach,” Sunak said.
Reuters
© Reuters
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article