Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

UK financial sector will be largely cut off from EU for years, EU lawmakers told

UK financial sector will be largely cut off from EU for years, EU lawmakers told

The long-delayed forum for European Union and British financial regulators won't reopen the door for London's financial centre to the bloc, EU lawmakers were told on Tuesday.

The Windsor agreement on EU-UK arrangements for Northern Ireland will mean that the delayed UK-EU memorandum of understanding (MOU) for a regulatory forum will be implemented, raising hopes of improving market access later on.

"This could really unlock cooperation, but it's our view there won't be that many material changes coming out of the MOU and the regulatory forum in terms of cooperation between the UK and the EU," Thorsten Beck, director of the Florence School of Banking and Finance, told the European Parliament.

"It's more like a long term process going forward."

Beck and Christy Ann Petit, assistant professor at Dublin City University, were being questioned by lawmakers over a report they wrote for the EU parliament on post-Brexit financial services in Britain.

Britain is struggling with identifying post-Brexit growth opportunities and the prospect of regaining broad access to the EU financial market is limited, the report said.

While Britain has begun to downplay the need for major divergence with the EU, the EU has proposed a draft law to force banks and asset managers to shift chunks of euro derivatives clearing from London to the EU.

Beck said there was a tension between the UK government pushing for a globally competitive financial sector, and UK regulators focusing on financial stability.

"There will be pressure on regulators to compromise stability in favour of competitiveness at some point," Beck said.

Britain's finance ministry has said it won't "unlearn" lessons from the global financial crisis or undermine the independence of regulators to keep the financial system stable and protect consumers.

Petit said she did not expect major divergence between EU and UK rules, given Britain seeks to comply with international financial rules.


Newsletter

Related Articles

0:00
0:00
Close
Farmers break through police barriers in Brussels.
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Apple warns against drying iPhones with rice
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
German economy is in 'troubled waters' - ministry
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Russia is rebuilding capacity to destabilize European countries, new UK report warns
EU Commission wants anti-drone defenses at Brussels HQ
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
EU Investigates TikTok for Child Safety Concerns
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
EU and UK Announce Joint Effort on Migration
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
"Historic Step": Zelensky Signs Security Pact With Germany
"Historic Step": Zelensky Signs Security Pact With Germany
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Tucker Carlson grocery shopping in Russia. This is so interesting.
France and Germany Struggle to Align on European Defense Strategy
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Greece Legalizes Same-Sex Marriage and Adoption Rights
Russia "Very Close" To Creating Cancer Vaccines, Says Vladimir Putin
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
US Rejects Putin's Ceasefire Offer in Ukraine
The Dangers of Wildfire Smoke and Self-Protection Strategies
A Londoner has been arrested for expressing his Christian beliefs.
Chinese Women Favor AI Boyfriends Over Humans
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Google pledges 25 million euros to boost AI skills in Europe
Hungarian President Katalin Novák Steps Down Amid Pardon Controversy
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Volodymyr Zelenskiy fires top Ukraine army commander
Tucker Carlson's interview with Vladimir Putin raises EU concerns
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
Russia's Economy Expands by 3.6% Due to Increased Military Spending
Ukraine MPs Vote To Permit Use Of Dead Soldiers' Sperm
German Princess Becomes First Aristocrat To Pose Naked On Playboy Cover
UK’s King Charles III diagnosed with cancer
EU's Ursula von der Leyen Confronts Farmer Protests Amid Land Policy Debates
Distinguishing Between Harmful AI Media and Positive AI-Generated Content: A Crucial Challenge for the EU
Tucker Carlson explains why he interviewed Putin
Dutch farmers are still protesting in the Netherlands against the government, following the World Economic Forum's call for 'owning nothing.'
Hungarian Prime Minister Viktor Orbán stands up for European farmers and says, 'Brussels is suffocating European farmers.
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
×