For the first time since Brexit, the European Union and the United Kingdom have taken a first step towards agreements on the rules for banks, insurers and other financial services. In time, this can help the City of London, a crucial hub in the financial world, to regain access to the internal market of the EU.
When the British left the EU, no or hardly any agreements were made about financial services. This particularly hinders London. Several banks have already moved in whole or in part to the mainland. Billions in investment traffic was transferred from London to Amsterdam.
Brussels and London have now agreed a framework in which they can cooperate in regulation and supervision of the financial world. They also agree on a joint body in which they will discuss rules and exchange information.
“There are still a number of formal steps to be taken before these agreements can be signed, but it is expected that they can be done quickly,” the UK Treasury said in a statement.
Source site www.nu.nl