EU’s McGuinness Warns City of London ‘Change is Coming’

No deadline on equivalence, Commissioner McGuinness says
Brexit has ‘come home to roost’ for U.K., access will change

WATCH: “Change is coming,” McGuinness said. “There is no recreating the single market for financial services when they have decided to leave the single market.”(Source: Bloomberg)

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By Silla Brush, Alexander Weber, and Maria Tadeo

January 22, 2021 at 8:27 AM UTC

Updated on

January 22, 2021 at 9:34 AM UTC

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The European Union’s top financial-services official warned the City of London that any deal for the industry remains a distant prospect.

Mairead McGuinness, European commissioner for financial services, said in a Bloomberg TV interview Friday that the EU doesn’t have a fixed timeline for reaching a decision on financial services and emphasized that Brexit would inevitably hinder access to the bloc.