Chancellor of the Exchequer and Commissioner signed an agreement on financial services cooperation
IN BRIEF:
This agreement which comes two years after the UK left the EU, takes the form of a Memorandum of Understanding
It will establish an “ongoing forum for the UK and the EU to discuss voluntary regulatory cooperation on financial services issues”
A deal between the UK and EU has been long awaited by firms and investors with years of uncertainty over regulatory alignment
What does this mean?
"The UK and EU’s financial markets are deeply interconnected and building a constructive, voluntary relationship is of mutual benefit to us both, said Jeremy Hunt, Chancellor of the Exchequer. "In the UK, our financial services sector is a true British success story. Together with the related professional services sector, it was worth £275bn last year, making up an estimated 12 per cent of the British economy. This agreement with our European partners as sovereign equals builds on our arrangements with the U.S., Japan and Singapore, helping to support the sector's role as a global financial services hub.”
