Report: UK, EU agree tentative Brexit deal on financial services

Report: UK, EU agree tentative Brexit deal on financial services

LONDON,. British Prime Minister Theresa May has struck a deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported today.

British and European negotiators have reached tentative agreement on all aspects of a future partnership on services, as well as the exchange of data, the British newspaper reported, citing government sources.

The British pound jumped as much as 0.5 per cent against the dollar following the report.

The services deal would give UK companies access to European markets as long as British financial regulation remained broadly aligned with the EU’s, the Times reported.

May’s principal Europe adviser, Oliver Robbins, is continuing the negotiations in Brussels, according to the report.

With five months to secure a deal before Britain is due to leave the EU, business leaders are demanding certainty over the kind of trade terms the divorce will deliver.

UK’s Financial Conduct Authority wants Britain to stay closely aligned with the EU, but without Britain having to copy all the bloc’s rules, acting director of strategy at the FCA, Richard Monks, has said.

Britain yesterday said there was no set date for Brexit talks to finish, backtracking from a letter by Brexit minister Dominic Raab that suggested a deal on the terms of its departure from the European Union could be finalised by Nov. 21. — Reuters