Photographer: Matthew Lloyd/Bloomberg

Treasury Says U.K. in ‘Strong Place’ to Keep Bank Links With EU

  • Minister Kirby says U.K. and EU have similar regulations
  • Kirby repeats government seeking ‘very best’ deal with EU

Treasury minister Simon Kirby said the U.K. is in a “strong place” to have a regulatory regime similar to the European Union’s and so increase the likelihood that London-based banks will continue to be able to freely access the bloc after Brexit.

“If the U.K. is to have a passporting regime we need a regulatory regime that is comparable and well harmonized with the countries with which we’re passporting,” Kirby said in a speech in London on Tuesday. “We’re in a strong place to achieve this with Europe.”

Financial industry executives have expressed concern they will lose easy, tariff-free access to the EU if the U.K.’s withdrawal from the bloc costs it membership of the single market.

Kirby repeated the government is aiming for the “very best” trade and services deal with the EU.

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