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The Brexit deal has left the City to fight its own future - by Martin Vander Weyer for The Spectator

Updated: Jan 10, 2021

"Despite reassurances from Rishi Sunak, the City’s position looks substantially weaker than it did before. To be fair, financial services were never intended to be covered in this agreement; but what we know so far is that previous ‘passporting’ rights have been forfeited and UK firms’ access to EU markets now depends on compliance with the different requirements of each member state, under ‘equivalence’ rulings that can be withdrawn at 30 days’ notice."

The author has misgivings but as an ex-banker he knows their type. "They’re an opportunist breed whose ultra-flexible product — money — slips through nets far easier than fish, so many will no doubt continue to prosper. But a further ‘memorandum of understanding’ on EU-UK co-operation in financial services is due in March and I hope we hear much more clamour from the City before then."

Here is the article in full with a link to the original beneath it:

Article from the Spectator dated 07.01
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We include, as an addendum, recent firm reassurances from Andrew Bailey, Governor of the Bank of England that Britain will NOT be a rule taker in future negotiations concerning financial services in any future negotiations with the EU, according to The Daily Telegraph.

London's importance to Britain as a leading financial centre is further underlined in the enclosed list of Global Financial Centres which we have included in the pdf table beneath the article, where it is ranked second in the world in competitiveness according to the Global Financial Centres Index (GFCI).

Britain must not be forced to take EU ru
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