Not aware of free trade deal with access for financial services - Barnier

Not aware of free trade deal with access for financial services - Barnier

The Bank's plans mean that European institutions will not need to convert their United Kingdom branches into subsidiaries - a move that will ease the burden for the financial services industry, which has urged negotiators to strike a cross-border deal.

"But we retain all our options, and if that is not forthcoming there will be consequences for those institutions".

Deputy Governor Sam Woods said cooperation had worked well to date.

Michel Barnier said that the "logical end" of a transition period must be December 31, 2020, giving Britain enough time to adapt to its situation outside the European Union and not too long to create further problems. More than 100 banks operating in London are branches of lenders headquartered elsewhere in the EU.

According to the report, the decision to allow banks to continue to operate in Britain as normal has been taken to preserve jobs in the financial centre and to protect the taxes European banks pay in Britain.

However, the process of setting up subsidiaries is extremely costly.

There are 77 branches of banks from the European Economic Area in Britain - 23 of which have assets of around or above 15 billion pounds - plus 80 branches of insurers. France's BNP Paribas and Societe Generale have 6,500 and 4,000.

Apple sells out of wireless AirPods worldwide, won't be delivering until January
We noted yesterday that many retailers like Best Buy , Walmart , and B&H are all out of stock when it comes to AirPods inventory. Apple , like most smartphone manufacturers, generally sticks to a yearly release schedule when it comes to their new flagships.

The development comes after European Union leaders signed off last week on the first stage of Brexit negotiations, ending more than a year of stalemate over Britain's bill for leaving the bloc, as well as the fate of the Irish border and European Union expatriates.

The BoE's Carney sounded upbeat about prospects of a deal, saying the financial services sectors on both sides of the English Channel had a lot in common already.

May suffered a humiliating defeat by pro-European members of her own Conservative party last week, when MPs voted to amend the bill to ensure parliament has the final say on any divorce deal with Brussels.

London vies with NY as the world's financial capital.

Britain will need a transition after Brexit that will avoid businesses having to adjust to new rules and regulations twice. The EU has proposed that, as a last resort, clearing of euro denominated derivatives done mainly in London should move to the euro zone after Brexit.

The 28 commissioners, including president Jean-Claude Juncker, met on Wednesday to approve guidelines for the EU's negotiating position on the transition drawn up by Mr Barnier, which would see Britain observe European Union rules and regulations following the date of Brexit in March 2019 while having no role in deciding them.

Related Articles