London Finance Firms Face Long Wait for EU to Reopen Its Doors
- British regulations still need to be assessed in detail
- European Union is also mulling changes to its own rules
An empty street in the square mile financial district of the City of London, on Jan. 4.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
The European Union is in no rush to reopen its doors to the British finance industry, dashing any remaining hopes that the Brexit trade deal would unlock market access for banks and other finance firms.
Officials from the 27-nation bloc stressed on Monday that the EU won’t hasten its assessment of the U.K.’s plans for regulating its financial sector and underlined that granting market access remains a unilateral decision that’s not up for negotiation.