Future of UK finance: City of London faces uncertainty under EU-UK trade deal

City of London
City of London Copyright AP Photo
By Euronews
Share this articleComments
Share this articleClose Button
Copy/paste the article video embed link below:Copy to clipboardCopied

Future of UK finance: City of London faces uncertainty under EU-UK trade deal

ADVERTISEMENT

The new trade deal means big changes for Britain's lucrative financial services industry. The sector no longer has blanket access to Europe's single market.

Instead it has to rely on Brussels granting approval to maintain its ties with the continent.

Emma Reynolds is Managing Director of Public Affairs, Policy and Research at TheCityUK, an industry body that represents Britain's financial sector. She says most businesses have had time to prepare for the change:

"We lose the right to passporting [but] our member firms already knew that this was coming so have have already set up subsidiaries in other financial centres around the EU and have moved assets and staff prior to today."

To listen to the full interview with Emma Reynolds, click on the media player above.

Share this articleComments

You might also like

EU sets aside €1.6bn of financial firepower to reboot COVID-hit arts sector

EU to investigate German financial watchdog over Wirecard scandal

'Slaughtered': UK farmers protest post-Brexit rules and trade deals