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Theresa May is said to have reached an "agreement in principle" with Brussels, which would give the UK financial services sector extended access to European markets after Brexit.
The pound jumped after both parties were close to an agreement. this would give British companies access to European markets as long as UK financial regulation remains broadly in line with that of the EU.
A British official said the negotiators "were making progress"; However, other government sources downplayed reports that an agreement was close, noting that the negotiators' priority was to reach an agreement on the withdrawal.
No insider has suggested that it was "very premature" to talk about the future business relationship, but does not rule out discussing the future of financial services. Others have described as "unfounded rumors" the information published in the Times and on the financial network.
In addition to the withdrawal agreement, both parties are also seeking agreement on a high-level statement of intent that will serve as the basis for a political declaration on the future partnership to be voted by MPs . The legal and technical details will be clarified after Britain leaves the EU in March.
While there are only five months left to reach an agreement before leaving the United Kingdom, worried business leaders demand more certainty about the business conditions that divorce will adopt
Many global banks reorganized their operations before Brexit, establishing new European hubs and began moving staff and operations to continue serving continental customers if the UK left without an agreement.
Brussels has ruled out the continuation of the current "pbadport" regime, but said the EU would agree that the United Kingdom should apply a regulation "equivalent" to that of the EU, and that companies British financial services will be allowed to operate as they currently do in Europe.
stated that the block's financial market access system, known as "equivalence", under which Brussels grants access to foreign banks and insurers if their rules converge with his
The Financial Conduct Authority of the United Kingdom wants Britain to remain closely aligned with the EU, but without Britain having to copy all the rules of the bloc, said the FCA Acting Strategy Director, Richard Monks.
Prime Minister Oliver Robbins, Prime Minister for Europe, continues negotiations in Brussels and sources from Downing Street have privately indicated that they hope the Brexit negotiations will end in November .
However, both parties still have to agree on the appropriate reinforcement. ensure a free land border in Ireland if no free trade agreement can be concluded by the end of the transition period in December 2020.
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