EU Says U.K. Banks Must Retain Its Standards to Keep Access
- Eurogroup head Dijsselbloem warns on access to internal market
- Brexit will involve transition period to avoid disruption
Browne: Banks Keen to Ensure Single Market Access
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European Union finance ministers threw down the gauntlet to the U.K., warning that London banks will lose access to the bloc if Britain veers from financial regulations written in Brussels.
In a speech on Tuesday, Jeroen Dijsselbloem, head of the group of euro-area finance ministers, cautioned Britain against any plan to use lighter-touch regulations or lower taxes to attract business following withdrawal from the EU. Such a move would jeopardize prospects for a trade deal, he said, as he called for Britain to accept the “hard truth” that the U.K. must continue to align with Brussels for its businesses to operate on the continent.