Deal for financial services British with EU | Financial

Barring a few formal steps, the deal has been finalized, the Treasury Department said on Friday.

The impetus to agreements was necessary after Brexit, in which the British had separated from the European Union at the end of last year. This cut off the City of London as a financial center from the mainland.

Anticipating the departure, a number of British companies relocated to Amsterdam and other European financial centers.

No automatism

An agreement is now that it is to be approved memorandum of understanding about the rules for banks, insurers and other financial services will not automatically lead to access to the European financial market for UK companies.

However, it will have to make transactions easier for British and European companies.

This agreement is similar to what the European bloc has already agreed with the United States, for example for meetings of financial regulators.

So far, Brussels has refused to grant long-term direct access to financial companies from Great Britain. It emphasized, according to Reuters, that it is not yet in a hurry.

The announcement was seen as favorable in the financial world: simpler transactions seem imminent.

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