Banks in Britain are drawing up fresh proposals for how they could access custom...
LONDON - Banks in Britain are drawing up fresh proposals for how they could access customers in the European Union after Brexit in a bid to influence UK-EU trade talks next year following the Conservative Party’s resounding election victory.
However their latest plans are a far cry from the near-unfettered access they were initially hoping for after the June 2016 Brexit referendum. “The international banks want the ability to provide key services and advice to EU customers,” said Conor Lawlor, director of Brexit, capital markets and wholesale at UK Finance, a banking trade body.The EU is Britain’s biggest financial services export market, worth about 26 billion pounds annually, helping London remain a top global financial center.
“You have got to allow each side to claim victory. The use of Article 46 is an easy win as it’s already in legislation and it’s a more realistic approach,” said Jonathan Herbst, head of financial services at the Norton Rose Fulbright law firm.
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