City of London Facing Brexit Blow After EU Says Clearing Access Will Lapse
- McGuinness says EU ‘very over reliant’ on U.K. clearinghouses
- BOE’s Bailey on Thursday called for indefinite access
Morning commuters cross London Bridge towards the City of London.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
The European Commission’s financial services head insisted that U.K. clearinghouses will get no further access to the bloc’s markets after 2025, knocking back the Bank of England governor’s calls for an indefinite trade route into the European Union.
EU Commissioner Mairead McGuinness said on Friday that the EU will need to actively encourage more liquidity and clients to shift out of Britain’s dominant clearinghouses and toward services within the bloc.