U.K. Finance Remains Downbeat on EU Access Without a Brexit Deal



Marion Dakers | Bloomberg

The British finance industry won’t secure more access to European Union markets while politicians disagree over the broader post-Brexit trade deal, industry figures told a parliamentary hearing Wednesday.

Finance barely features in the deadlocked political talks, yet the lack of progress has snarled up separate work that will enable U.K. firms to trade within the bloc in limited ways, replacing the sweeping “passport” rights of EU membership, they said.

“We think a successful free trade agreement would lead to political and economic goodwill that could be deployed into other ancillary agreements, namely financial services equivalence determinations,” Conor Lawlor, Brexit director at the UKFinance trade body, told the hearing.

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