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Business News

Rishi Sunak says financial services deal with EU ‘has not happened’


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Britain’s attempt to reach a post-Brexit financial services deal with the EU “has not happened”, Rishi Sunak has told the City.

The sector was not covered in the UK’s last-minute free trade agreement when the Brexit transition period ended in December and the government has since been seeking an “equivalence” arrangement with the bloc.

But in the chancellor’s traditional Mansion House speech to the City, Mr Sunak said: “That has not happened.

“Now, we are moving forward, continuing to cooperate on questions of global finance, but each as a sovereign jurisdiction with our own priorities.

“We now have the freedom to do things differently and better, and we intend to use it fully.”

In his speech, Mr Sunak acknowledged the role of the financial services sector, contributing £76bn in taxes annually and employing 2.3 million people.

Britain’s departure from the EU saw financial firms lose so-called “passporting” rights that had enabled them to trade more freely with European countries.

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Since then efforts – now apparently abandoned – have focused on securing “equivalence” status, where the EU and the UK would each recognise that the other holds to similar standards.

But there has been frustration on the UK side at Europe’s apparent intransigence in granting access to the bloc in a way that has already been granted to Canada, the US, Australia, Hong Kong and Brazil.

 Sky News

© Sky News 2021

Written by: Rother Radio News

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