July 12, 2018 / 12:49 PM / a year ago

Britain's Brexit plan will damage financial services - City of London boss

FILE PHOTO: Catherine McGuinness, Chairman of the Policy and Resources Committee of the City of London Corporation, poses for a photograph in London, Britain, January 17, 2018. Picture taken January 17, 2018. REUTERS/Hannah McKay

LONDON (Reuters) - Britain’s blueprint for relations with the European Union will damage the vast financial services sector, the policy chief of London’s financial district said on Thursday after the government announced plans to diverge from the bloc’s rules after Brexit,

In a major policy shift, Britain has abandoned a plan for close ties with the EU for financial services, instead saying it would push to improve the EU’s legal mechanism for access to countries outside the bloc known as “equivalence,” where access is patchy and can be revoked at short notice.

“Today’s Brexit White Paper is a real blow for the UK’s financial and related professional services sector,” said Catherine McGuinness, in practice the political leader of the historic financial district’s municipal body.

She added: “With looser trade ties to Europe, the financial and related professional services sector will be less able to create jobs, generate tax and support growth across the wider economy. It’s that simple.”

Reporting By Andrew MacAskill; editing by Stephen Addison

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