City of London says access to EU markets not on the cards

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A general view of skyscrapers in The City of London financial district seen from City Hall in London, Britain, May 8, 2021. REUTERS/Henry Nicholls/File Photo

Britain’s financial services sector won’t get access to the European Union’s markets for the foreseeable future following Brexit, industry officials said on Thursday as a row with France simmers.

Britain fully left the EU on Dec. 31, 2020 and the City of London has been largely cut off from providing services in the bloc.

Billions of euros in daily derivatives and share trading have left the City for the EU and New York, with no sign that Brussels will reinstate UK access under its ‘equivalence’ regime.

“I don’t think equivalence is particularly an issue as we don’t think there is going to be any equivalence being granted by the EU,” Nick Collier, the City of London’s representative in Brussels told the UK Trade and Business Commission of lawmakers and industry representatives.

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