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Brexit white paper revealed, City group lashes out

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The government today published its long-awaited plan — in a White Paper— for UK relations with the EU. It is aimed at ensuring trade co-operation, with no hard border for Northern Ireland, and global trade deals for the UK, according to the BBC.

Britain’s finance industry, however, has attacked the blueprint saying this was a blow for the Britain’s biggest exporter.

“Today’s Brexit white paper is a real blow for the UK’s financial and related professional services sector,” said Catherine McGuinness, City of London political leader.

The City of London financial district and TheCityUK, which promotes Britain as a financial center, had jointly proposed a more ambitious “mutual recognition” blueprint to replicate the free access provided by passporting.

TheCityUK Chief Executive Miles Celic said the overriding issue for financial services firms was the ability to continue serving customers and clients: “Mutual recognition would have been the best way to achieve this. It’s therefore regrettable and frustrating that this approach has been dropped before even making it to the negotiating table.”




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