Print Magazine
Brussels Morning Newspaper
Wednesday, June 29, 2022
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
No Result
View All Result
Home Europe

Bank of England says EU stance on financial services post-Brexit problematic

Sophia Akram by Sophia Akram
3 February 2021
in Europe
Bank of England says EU stance on financial services post-Brexit problematic

British Union Jack flag flying in front of the Bank of England in the City of London financial center

Share on FacebookShare on Twitter

London (Bank of England) The governor of England’s central bank today said that the EU’s approach to trading financial services with the UK after its departure from the bloc was problematic.

“I fail to see why people would want to close themselves off from open markets. But the situation we find ourselves in is that the EU has said that it wants more information from the UK on what its future intentions are on regulation”, said governor Andrew Bailey, speaking to members of a Treasury committee in the British Parliament about the state of the economy.

“Now I think that’s quite problematic, frankly, in terms of equivalence”, he said, indicating there had to be some level of flexibility for British rules.

Britain’s transition period of access to the EU ended on 31 December. After drawn-out negotiations, the two sides reached a trade agreement on 24 December for tariff-free trade to continue.

UK Prime Minister Boris Johnson commented after the UK-EU Trade and Cooperation Agreement (TCA) that it fell short for financial services.

Officials have said that would depend on future decisions around equivalence.

“This will provide many UK service suppliers with legal guarantees that they will not face barriers to trade when selling into the EU and will support the mobility of UK professionals who will continue to do business across the EU”, reads the TCA on future equivalency decisions.

The EU has already granted temporary equivalence rights to British clearinghouses for euros.

Bailey said that equivalence would not be negotiated at any price and that a reasonable deadline for talks around it would be the end of the first quarter of 2021.

Treasury minister John Glen will reportedly lead the talks with the EU this week with the anticipated aim of devising a “memorandum of understanding” around cooperation on financial services.

Tags: Bank of EnglandMain-SliderPost-BrexitWestminster Review

Latest post

EC sues member states over pollution

Air pollution responsible for 10% of all cancer cases in Europe

3 hours ago
Ukraine,,Russia,And,Eurounion,Countries,Military,Conflict.,Geopolitical,Concept.

Poland welcomes stronger US military presence

4 hours ago

Most Read

  • These are the 10 highest paying jobs in the Europe in 2022

    These are the 10 highest paying jobs in the Europe in 2022

    0 shares
    Share 0 Tweet 0
  • What Are The Highest Paying Jobs In Luxembourg?

    0 shares
    Share 0 Tweet 0
  • Energy Recovery Fund

    0 shares
    Share 0 Tweet 0
  • What Are The Highest Paying Jobs In Finland?

    0 shares
    Share 0 Tweet 0
  • A taste of Croatian flavors of the diplomacy in Brussels

    0 shares
    Share 0 Tweet 0
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Belgium News
  • Brussels
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • EU Institutions
    • Parliament
    • Commission
    • Council
  • Europe
  • World
  • Member States
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • The American Angle
    • Southeast Europe
  • Print Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT