🇬🇧🇪🇺 The City is starting to give up on the EU,
“It's looking increasingly like any form of financial services deal is a complete non-starter", writes @_BenWright_
Here’s a #thread of some of key lines from his latest column – 🧵👇 telegraph.co.uk/business/2021/…
“It's looking increasingly like any form of financial services deal is a complete non-starter", writes @_BenWright_
Here’s a #thread of some of key lines from his latest column – 🧵👇 telegraph.co.uk/business/2021/…
💷💶 The UK and the EU are a step closer to a post-Brexit deal, agreeing to create a forum for cooperation on financial services regulation
"News that the UK and Brussels are close to agreeing a deal on financial regulation is, of course, to be welcomed."
"News that the UK and Brussels are close to agreeing a deal on financial regulation is, of course, to be welcomed."
🗳️ A partial “equivalence” agreement on financial products for the UK is said to be close.
"Whatever your view of Brexit, there can be little debate that the best trade agreement for the City of London was the one that it had before the UK voted to leave"
"Whatever your view of Brexit, there can be little debate that the best trade agreement for the City of London was the one that it had before the UK voted to leave"
🚆 “The new ‘deal’ is a bit like suspending all the Eurostar, Eurotunnel and ferry services between the UK and the continent and then laying on a few replacement pedalos” telegraph.co.uk/business/2021/…
📉 "The City has at least become inured to disappointment: it expected nothing from the Christmas Eve Brexit deal and got even less”
🧑💼 "There are a growing number of voices in the financial industry suggesting that the UK probably shouldn’t even bother fighting for equivalence – the last great hope for the City’s future relationship with the bloc" telegraph.co.uk/business/2021/…
⁉️ EU vs the City | What is equivalence? 
🏘️ "The EU has, for example, already granted equivalence in clearing for 18 months… It would be nice to get it for equities and derivatives trading venues. But don’t hold your breath on that one"
🎁 "The single biggest problem with equivalence is that it is granted unilaterally. It is not a deal; it is the EU’s gift.
“And what Brussels giveth, Brussels can most certainly taketh away" telegraph.co.uk/business/2021/…
“And what Brussels giveth, Brussels can most certainly taketh away" telegraph.co.uk/business/2021/…
⏳ One of the biggest Brexit concerns in the City is over regulatory equivalence
“The EU has reportedly in ‘no hurry’ to grant equivalence. The longer the UK spends on a doomed mission, the less time it will have to focus on other opportunities”
“The EU has reportedly in ‘no hurry’ to grant equivalence. The longer the UK spends on a doomed mission, the less time it will have to focus on other opportunities”
⚖️ "Equivalence also prevents a closer relationship with other markets. It would place the City in a kind of regulatory limbo – neither in nor out of the single market"
⏭️ "If that's all there is on offer… Time to move on" | Writes @_BenWright_ telegraph.co.uk/business/2021/…
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