![]() “We must now speak confidently and with one voice to policymakers to help inform them about the deal we want to see from the upcoming negotiations,” TheCityUK Chairman John McFarlane said. Michel Barnier, the former financial services Commissioner with a testy relationship with the City of London, will lead the Brexit negotiations with the United Kingdom, the European Commission announced today (27 July). Barnier had a testy relationship with the City of London.īarnier, battler of British bankers, is Commission’s new Brexit boss Last week, EU Commission president Jean-Claude Juncker nominated Michel Barnier to lead the Brexit negotiations with the United Kingdom.įrenchman Barnier was responsible for the wave of financial services regulation that was proposed by the Barroso Commission after the crisis. Its work should also focus as much on “old friends” like the United States and Japan as on new markets in China and India.īritain’s new trading terms with the EU may not be known for several years. In its report, the industry body called on the finance ministry to strengthen its Financial Services Trade and Investment Board. ![]() France or Germany could build deeper pools of capital, but that could not happen quickly.” “We are talking about mutual market access. “What I hear from major European corporates is they like to do business through London due to the depth of the talent pool and capital markets here,” Cummings said.Īs major “buyers” of financial services still want to come to London, the “sellers” such as banks are staying put, he added. ![]() The backing of these companies would be important in upcoming UK-EU trade talks to ensure continued access to the single market. TheCityUK’s chief executive Chris Cummings said Britain must make more of how much companies across Europe rely on Britain’s financial services and allied professions like accounting and law to do business. Hollande says post-Brexit City must relinquish euro businessīritain’s City of London financial district would have to give up its role in processing euro currency transactions after it leaves the European Union, French President François Hollande warned on Wednesday (29 June). ![]()
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