The government has backed down from its calls for mutual regulatory recognition post-Brexit and will now push for a deal where UK and EU financial services firms' access to each other's markets is scaled back when the country leaves the bloc.
In its long-awaited Brexit white paper, published on Thursday (12 July), the government called for "new economic and regulatory arrangements for financial services", which it argues would "preserve the mutual benefits of integrated markets and protect financial stability". However, the government acknowledges "that these could not replicate the EU's passporting regimes", meaning "the UK and the EU will not have current levels of access to each other's markets". JPMorgan: 'Brexit could hurt everybody' In terms of the overall relationship the UK would have with the EU under the propo...
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