Too late for UK-EU fish for finance deal, say City of London Corporation
UK financial firms lost its access to EU markets when the Brexit transition period ended on 31 December. (Getty Images)
It is too late for the UK to strike a “fish for finance deal” with Brussels to ensure the City gets renewed access to the EU, according to a top City of London Corporation official.
Nick Collier, managing director of the City of London Corporation in Brussels, said at a Best for Britain event today that UK-EU “levels of trust are low” and that it could take 10 years to repair.
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France wants to delay UK-EU Brexit financial services pact over fishing row
More than 60 French fishing boats created a blockade around the island of Jersey lat week, leading Boris Johnson to send two Royal Navy gunboats to patrol the protest. (Getty Images)
France is aiming to block a post-Brexit financial services pact between the UK and the EU over a row about fishing rights.
The UK and EU announced in March that it had drafted a regulatory co-operation agreement, known as a Memorandum of Understanding, on financial services, however it is yet to be signed or made official.
The agreement will outline how financial services regulators in the UK and EU will maintain open lines of communication when making decisions, but will stop short of giving City of London firms renewed access to EU markets.