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[snoop1130]

Britain pledges to help finance flourish after Brexit

 

FILE PHOTO: The full moon is seen rising behind skyscrapers at Canary Wharf and the London skyline, London, Britain, September 14, 2019. REUTERS/Toby Melville/File Photo

 

LONDON (Reuters) - Britain will do whatever it can to ensure that its financial sector remains a major global player after Brexit, financial services minister John Glen said on Monday.

 

“This government absolutely believes in the City,” Glen told a conference in London, adding that revenues from finance were key to Britain’s ability to fund healthcare, police and regional development. “We will strain every sinew to help you flourish.”

 

Financial firms in Britain lose unfettered direct access to investors in the bloc after Brexit and will instead have to rely on the EU’s system of equivalence.

 

Under this system, Brussels grants market access if it deems that a foreign financial firm’s home rules are strict enough to ensure that EU customers are well protected.

 

Glen said that Britain stood ready to start negotiating equivalence “in key areas” with the EU as soon as Brexit has happened.

 

Britain, however, does not want to be a permanent “taker” of EU rules to maintain financial market access and Glen said the issue was how to find a more “enduring mechanism” that recognises that changes in rules can occur on both sides.

 

“We have got to weigh the issue up very carefully,” Glen said, adding it was difficult to know “where it would land” until equivalence negotiations with Brussels started.

 

Britain needs to be able to set its own rules and Glen hinted that some of the EU’s capital rules for insurers could be amended, given what he called “pressure” in Britain for changes.

 

“We need an agile and responsive regulatory approach,” Glen said.

 

Financial services are more dependent than any other economic sector on being able to hire highly-skilled staff from across the world and Britain would introduce a post-Brexit immigration system that supported competitiveness, Glen said.

 

Banks, insurers and asset managers in Britain have opened over 300 hubs in the EU to deal with whatever form Brexit takes.

 

-- © Copyright Reuters 2019-10-28

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[kingdong]

Glad the government believes in the city,it's all we,'ve got left.

[Slip]

Just now, kingdong said:

Glad the government believes in the city,it's all we,'ve got left.

Shame that the feeling isn't reciprocated then.  Apart from a few select hedgefunds controlled by the brexit mob that is.

[kingdong]

53 minutes ago, Slip said:

Shame that the feeling isn't reciprocated then.  Apart from a few select hedgefunds controlled by the brexit mob that is.

The brexi t mob will be laughing on the other sides of the face when Holland puts an embargo on the export of clogs to the .uk

[Chomper Higgot]

19 minutes ago, kingdong said:

The brexi t mob will be laughing on the other sides of the face when Holland puts an embargo on the export of clogs to the .uk

You should perhaps take a look at the respective per capita GDP for tge UK and Netherlands.

[tebee]

This is a prime example of the muddled thinking that is at the heart of brexit .

 

We want to diverge from EU standards.

 

But we will only get Equivalence and therefore access to the EU markets if we don't diverge and meekly accept all the EU rules.

 

So we end up a rule taker or we lose access to the markets.

 

Which is it to be brexiters?

 

All these wonderful benefits brexit was going to bring us are illusionary - we and not going to have our cake and eat it.  

[kingdong]

4 hours ago, Chomper Higgot said:

You should perhaps take a look at the respective per capita GDP for tge UK and Netherlands.

Apart from tulips from amsterdam,what else pray tell?

[kingdong]

2 hours ago, Victornoir said:

"Britain needs to be able to set its own rules and Glen hinted that some of the EU’s capital rules for insurers could be amended, given what he called “pressure” in Britain for changes"

 

Too funny.

So the EU must change its rules to allow the UK financial sector survival.

But of course, London friends, you can count on us. Moreover, we have already planned to appoint a manager for the evolution of these rules, a certain Michel Barnier...

Scare bleu

[klauskunkel]

15 hours ago, snoop1130 said:

Financial services are more dependent than any other economic sector on being able to hire highly-skilled staff from across the world and Britain would introduce a post-Brexit immigration system that supported competitiveness, Glen said.

If your GF works as a teller at a Thai bank maybe she can use this future Banker's Visa more easily to visit the UK...