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Goodbye Passport, Hello Equivalence? Brexit Banks Lower Sights

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British bankers are lowering their sights when it comes to securing a Brexit deal that will safeguard the U.K.’s biggest industry.

After months of pushing to keep the current form of unrestricted access to the European Union’s single market after the U.K. leaves, TheCityUK lobby group diluted its demands Thursday. No longer is it so vocal in seeking so-called passporting, which allows global banks with bases in London to provide services to the rest of Europe.