The British government wants its financial center, known as the City of London, to have permanent access to the European market once the Brexit transition period is over, according to the Financial Times.
The U.K. stopped being a full member of the European Union on January 31, but it has yet to define its future trading arrangements with the other 27 EU countries.The British government wants its financial center, known as the City of London, to have permanent access to the European market once theThe U.K. stopped being a full member of the European Union on January 31, but it has yet to define its future trading arrangements with the other 27 EU countries.
This would mean that the EU would grant market access in specified activities provided that the U.K. follows the same regulatory rules as Brussels. Financial services contributed to about 7% of the U.K.'s total output in 2018, according to. These firms are currently allowed to operate freely across EU nations, which allows U.S. firms based in the U.K. to sell financial products to EU-based companies, for example.
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