Finance Industry Slams U.K.'s Plan for Trading Ties With EU
- Insurers’ group calls proposal ‘worst possible scenario’
- Hammond defends plan, says sector should continue to flourish
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Britain’s financial industry slammed U.K. Prime Minister Theresa May’s latest proposal for Brexit, with some calling it the worst outcome possible.
In some of their most forthright comments since the referendum vote in 2016, industry executives said Thursday that her plan for a looser partnership with the European Union in financial services would drive up costs and hurt the wider economy. They also said it would leave the country losing easy access to its biggest market while also being at the mercy of the EU’s rules.