Banks Likely to Lose Passporting With Brexit, Official Says
- Mark Garnier: U.K. weighs ‘new model’ for single market access
- Inflation is ‘inevitable’ side effect of depreciation, he says
Turnill: London Brexit Headwinds Larger Than Rest of U.K.
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Global banks will probably lose their current legal rights to provide services in the European Union after Brexit, the U.K.’s trade minister said in the most detailed outline yet of the government’s thinking.
Passporting, which allows London-based lenders and insurance companies to sell their services anywhere in the single market, is unlikely to continue after the U.K. leaves the 28-nation bloc, Mark Garnier said in an interview. He added that an alternative system that’s been floated, known as equivalence, was probably not going to be "good enough" for banks.