LONDON (Reuters) - Britain’s industry body for promoting financial services abroad said it was “regrettable” that the government had ditched the sector’s “mutual recognition” blueprint for trade with the European Union after Brexit.
Britain has proposed instead that the EU’s existing system of financial market access for non-EU countries could be expanded under a new regulatory arrangement.
“Mutual recognition would have been the best way to achieve this,” TheCityUK’s Chief Executive Miles Celic said in a statement.
“It’s therefore regrettable and frustrating that this approach has been dropped before even making it to the negotiating table,” Celic said.
Reporting by Huw Jones; Editing by Robin Pomeroy