In today's Future Relationship with the EU Committee, the future of financial services was of key concern. From @SamuelMarcLowe: "My view earlier in the year was that if there was a deal it would increase the likelihood of financial services equivalence being granted..." 1/
"But that doesn’t seem to be the case. I believe the EU will grant [equivalence] in areas where it is beneficial for it to, but otherwise it's not in the mood to grant access to the UK above what it usually grants to 3rd countries." @SamuelMarcLowe 2/
"My view is that in the long run the EU’s aim is to have all customer-facing financial operations targeted towards EU customers to be based in the EU. This is going to be a slow leakage of economic activity that would otherwise take place in the UK." @SamuelMarcLowe 3/
"The mood [on financial services equivalence] seems to have changed and now I am much more concerned about it." @SamuelMarcLowe 4/4
• • •
Missing some Tweet in this thread? You can try to
force a refresh
