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The City of London issued a stark warning about the future of European finance after Brexit — and the EU is listening
According to a report from The Times on Tuesday, UK officials told Brussels that "thousands" of European investment funds will be under threat if the EU insists on a hardline approach to the City.
Deutsche Bank is shifting business out of London — and it hints at a troubling post-Brexit future for a $1 trillion industry
Eurozone financial bigwigs have consistently argued that euro clearing should take place within the euro area, and Britain has repeatedly had to defend its right to clear trades.
Late last week EU negotiators rejected plans for the sector laid out by the British government in Prime Minister Theresa May's controversial white paper.
The City of London Corporation described the government's white paper as "a real blow for the UK’s financial and related professional services sector."
"The new model is like cohabitation, with close collaboration, a shared approach to finances and decisions and obligations to each other, but ultimately separate people making their own choices."
UK lawmakers are calling for a London crackdown on ‘Russian corruption’ in the interests of national security
The UK Foreign Affairs Committee have proposed measures that could tighten the sanctions regime against Russia and limit "dirty money" flows to London in the interests of "national security."
Corbyn called for a "fundamental rethink of whom finance should serve and how it should be regulated."
The government is said to back the proposals, while Bank of England Governor Mark Carney is also reportedly in favour.
How Christine Lagarde planned to use EU rules to force business from London to Paris — 7 years before Brexit
Kay Swinburne told BI: "My French colleagues were obviously on a mission from 2009 to try and actually get, before Brexit, as much back to Paris as they could."
'CETA is an interesting template, but ... we should seek to be far more ambitious,' said a letter from UK finance, a lobby group which represents UK banks.