Dominic Raab dismisses EU threat to City of London
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UK Government officials say recent arguments on post-Brexit fishing rights were causing the EU to “play a political game” on securing a future Brexit deal on UK financial services. Speaking after the Isda derivatives Conference, a UK Government source said: “There is no or little cooperation between Brussels and London on this matter, there needs to be.
“It seems to be a political game due to fishing issues.
“We want to agree on a deal but the EU needs to cooperate right away.”
It comes after an EU financial chief said there was “no rush” to look at the issue of equivalence, required to secure a deal.
Tilman Lüder, head of securities markets unit of the European Commission, told the conference: “We acknowledge issues have emerged in trading between EU and UK entities as a result of Brexit.
“However, there are political constraints on the solutions.”
New Memorandum of Understanding (MoU) arrangements for a new post-Brexit financial services in March stopped short of implementing any new access arrangements allowing banking, insurance and legal advice to be exported to the bloc.
Instead, it is expected a new forum will be developed where both sides will meet twice a year to discuss policy.
Financial services were mostly excluded from the Brexit trade deal amid fears EU cities such as Amsterdam could take London’s crown as the centre of the continent for finance.
However, the UK granted EU financial services firms access to its market under separate arrangements.
But the EU has refused to reciprocate, citing fears of potential British plans to diverge from EU finance rules.
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8am update: NI finance minister urges calm over Northern Ireland protocol
Finance Minister Conor Murphy has said it is time to go “beyond the noise” around the Northern Ireland Protocol and for the area to take advantage of the unique situation of having access to two markets.
Mr Murphy also told the Assembly that there were “significant opportunities” arising from the protocol and called for issues around it to be resolved.
The Northern Ireland Protocol was designed to protect the peace process by avoiding a hard border on the island of Ireland.
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