Financial services: London wants to build a “lasting relationship” with Brussels

UK Finance Minister Sajid Javid has promised to unveil his post-Brexit strategy in the spring with the idea of ​​building a “lasting relationship” with the EU while laying down his own rules.

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UK Finance Minister Sajid Javid promised on Tuesday to unveil his post-Brexit financial services strategy in the spring with the idea of ​​building a “lasting relationship” with the EU while laying down his own rules.

The Treasury “is going to publish a white paper in the spring on the future of the British financial sector”, one of the main engines of the economy, announced Mr. Javid in a column published in the daily newspaper in the London business district City AM.

This promise comes when the debates on the future commercial relationship between London and Brussels seemed to focus more on the exchange of goods and fishing.

The minister recalled that leaving the EU is an opportunity for the United Kingdom to regain control of financial services regulations.

“We will no longer follow the rules set by others but we will adhere to the highest international standards in financial regulation,” writes Javid.

He reiterated that the UK and the EU must agree on a level playing field by June 2020, in order to limit disruption after the transition period is completed at the end of the year.

“Each party will only award equivalencies if it thinks the regulations opposite are compatible. But compatible does not mean identical ”, according to the minister.

In response to the City’s concerns about the fragility of the equivalence system, which is reversible at any time, Mr Javid said he wanted to “establish standards and ways of working with the EU for the decades to come” in order to build ” a lasting relationship”.

Last week, at a press conference, the City of London said it expected “tough” post-Brexit negotiations. However, it believed that an agreement would be possible that would allow the very powerful British financial services sector to gain wide access to the European market.

The Bloomberg agency recently revealed that European authorities are considering amending financial regulations in order to weaken the City and strengthen the European financial sector, particularly in the trading of derivatives.

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