“We now have the freedom to do things differently and better, and we intend to use it fully. was outside the European regulatory orbit. sold some $33 billion worth to the other 27 member states while buying only $6 billion worth from them, making for a British trade surplus in these services of $27 billion.īut are the Brits downcast at the possibility that some of that export business could be lost? Apparently not.ĭelivering his annual keynote speech in the heart of London’s financial district, known as the City, government finance chief Rishi Sunak shrugged off the lack of an EU deal and was upbeat about the City’s prospects now that the U.K. In 2019, before Brexit, the EU accounted for 40% of British exports of financial services. to participate as freely in the bloc’s finance industry as before. After months of negotiation, the EU has given every indication that it will not play ball and will not allow the U.K. and some other non-EU states enjoy, on the grounds that British and EU financial regulations are more or less the same. But Prime Minister Boris Johnson’s government had been hoping the U.K. would subsequently be given the same access to EU financial markets and EU-based clients as the U.S. Services like banking, brokerage, foreign exchange, fund management, insurance and share dealing were excluded from the trade deal struck between London and Brussels just before Christmas last year. But when it comes to one of the U.K.’s most important export industries - financial services - the wrangling seems to be over, and the result doesn’t look great for the Brits. The wrangling over Brexit rumbles on, with European Union and the United Kingdom still haggling over a range of trade issues involving things like sausages and shellfish.
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