Spain says it will do all it can to reverse Nissan closure, workers protest    Lebanon removes banking secrecy rules to fight corruption    Violent protests rock Minneapolis for 2nd straight night    Egypt removes 484 illegal constructions and encroachments on Nile    EGX to resume trading next Sunday    Summit Technology to install security surveillance cameras at Al-Azhar    173 illegal constructions on waterways in Damietta referred to military prosecution    21 terrorists killed in two North Sinai security raids: Interior Ministry    China approves Hong Kong security law as tensions with U.S. rise    Trump preparing order targeting social media protections    Huawei CFO loses key court fight against extradition to US    UK PM Johnson to go to Brussels next month for Brexit talks    How did Egypt use the internet during Ramadan?    Egypt, France discuss situation of Libyan, Palestinian crises    Salah did not pressure administration to include players on team: Ghazal    Sisi calls on Egyptians to stand toghether against coronavirus    Health Ministry urges retired medical staff to join coronavirus fray    Saudi Arabia aims to reopen on 21 June    MACIC celebrates World Day for Cultural Diversity with webinar    Grand Museum receives 346 artefacts from Old, Middle Kingdoms    Unique late Ancient Egyptian cemetery discovered in Minya Governorate    European football set to restart despite coronavirus    Atletico Madrid forward Correa suffers muscle injury in training    Don't abandon us, we don't transmit coronavirus, say Cairo dogs and cats    US virus deaths top 100,000, caseloads rise in India, Russia    Australia's A-league to resume in July: FFA    Budget airlines put squeeze on airports in coronavirus cost drive    Belgian cup final back on and set for Aug. 1    Afrobeat, rap, house and more: Apple Music is launching its first radio show in Africa    Book Review: Power on the Nature of Power    UK musicians in lockdown rage against industry machine    'Didn't give a damn': Inside a ravaged Spanish nursing home    AfDB approves $500,000 in emergency coronavirus pandemic aid for Egypt    Egypt's stock Exchange back to regular trading hours on Sunday    Dubai government offices to resume work with 50% employees next Sunday, 100% on June 14    Disney unveils plans to reopen in mid-July    WHO: There is no evidence hydroxychloroquine helps treat coronavirus    Japan approves fresh $1.1 trillion stimulus to combat pandemic pain    Sisi congratulates Egyptians on occasion of Eid Al-Fitr    Egypt's Sisi congratulates Egyptians on the occasion of Eid El-Fitr    Egypt's interior ministry gives gifts to families of policemen killed or injured in the line of duty    Egypt is ready for 'serious and constructive' talks with Ethiopia, Sudan over GERD: Foreign ministry    Italy's football federation sets August 20 as deadline for finishing season    Egypt's decision to resume sports activities breathes life into hopes to restart league    Egyptian Premier League final decision to be taken before May-end: minister    Egypt's 12 MPs came into contact with coronavirus infected parliamentarian    iRead launches new activities, competitions to pread the passion for reading    British Council in Egypt makes its digital library for free amid coronavirus    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

London financial chiefs to meet EU over post-Brexit role
Published in Daily News Egypt on 03 - 07 - 2017

London's banking chiefs will travel to Brussels this week to shore up the UK capital's financial services sector post-Brexit. Several banks are planning to move staff to Frankfurt and Dublin to satisfy EU finance rules.A delegation led by Britain's former minister for the City of London Mark Hoban will meet European Union diplomats this week to discuss the financial district's future after the UK exits the EU, the Financial Times reported on Monday.
The paper said Hoban would deliver a secret blueprint for a post-Brexit free-trade deal on financial services, amid concerns that one of the major drivers of the UK economy may be severely weakened by the country's impending divorce.
The Associated Press later reported that the talks would take place on Wednesday.
London is currently ranked the number one financial center in the world by the Global Financial Centers Index, beating New York, Hong Kong, Singapore and Tokyo.
London's status vulnerable
But fears that the British government is preparing for a so-called "hard Brexit," where Britain leaves the EU's single market and customs union, could see London lose its attractiveness as an investment hub. Already several large banks are planning to move staff to other EU financial centers including Frankfurt and Paris.
Read more: Britain set to trigger pullout from fishing deal as it heads toward Brexit
Hoban, who now works as a consultant, has spent months working on the blueprint, the FT said, amid concerns that London's financial services industry may lose its edge over other financial centers. The loss of so-called passporting rights, which allows London-based institutions to offer services to clients in the 27 remaining EU states (EU27) under looser British regulations, has helped the UK capital maintain its dominance.
As Britain has just two years to negotiate its divorce and future relationship with the rest of Europe, there are worries that the deadline could be reached before the full terms of a deal can be agreed to retain easy access to EU markets.
Mutual access
Hoban's plan would give financial groups from the UK and EU27 "mutual access" to operate in each other's markets without barriers, the paper reported.
Read more: Diplomats ponder whether UK may U-turn on Brexit
The FT said the talks between the City of London delegation and EU envoys would take place independently of the British government's negotiations. The paper cited three officials close to the project as saying that some government officials had given unofficial support for the arrangement.
The talks come despite the EU insisting it would not discuss Britain's future relationship until citizens' rights and the estimated 100 billion euro divorce bill were finalized.
British Prime Minister Theresa May has also stressed that the UK negotiating delegation should not be undermined in their attempts to get the best possible future deal.
Government too narrow
The FT said the City's own blueprint revealed how worried finance chiefs are that the British government is too focused on narrow issues related to Brexit.
Highlighting the vulnerable position London finds itself in post-Brexit, the paper reported that the UK financial center provides three-quarters of EU hedging activities and foreign exchange, and half of the bloc's lending and securities transactions. Other EU financial hubs are eager to swipe a major share of these services from London.

Clic here to read the story from its source.