Brexit News

UK Marine Insurer Steamship Mutual Chooses Netherlands for Post-Brexit HQ

British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. “We are about to apply for a license to establish …

UK Supports Post-Brexit Mutual Recognition System for London’s Financial Services

Britain’s government is ready to push for the kind of Brexit plan for financial services that the City of London has long favored, but which has already run into opposition in Brussels, two government officials said on Friday. London is …

London Will Be Weakened as Financial Center After Brexit, Warns Bundesbank Exec

The U.K.’s exit from the European Union will be a watershed moment for the City of London and weaken its role as one of the world’s leading financial centers, Bundesbank Executive Board member Joachim Wuermeling said on Thursday. Speaking in …

UK Businesses Issue ‘Urgent Appeal’ for More Clarity on Brexit Blueprint

UK Plc issued an “urgent appeal” to Prime Minister Theresa May to get off the fence on Brexit or risk serious damage to business. The British Chambers of Commerce warned in an open letter that there is “no room for …

Brexit Transitional Deal Needed by End of March, Says FCA’s Bailey

The head of the U.K. Financial Conduct Authority added urgency to Brexit negotiations by saying European governments must reach a transitional agreement for financial services by the end of March to avoid the risks presented by EU departure. Financial contracts …

EU Will Not Offer Post-Brexit Passporting for UK Insurers, Banks: Diplomats

European Union negotiators see no room for discussion with Britain on maintaining “passport” access to EU financial markets for its banks after Brexit, but they are willing to look at free trade in the sector, diplomats said. Speaking after EU …

Leaked Analysis Paints Gloomy Post-Brexit Picture for UK: BuzzFeed Report

Britain’s economy will be worse off after Brexit whether it leaves the EU with a free trade deal, with single market access, or with no deal at all, according to a government analysis leaked to BuzzFeed News. The “EU Exit …

UK Government Hit for Failing to Publish Brexit Position Paper on Financial Services

Business leaders have criticized Britain’s government for its failure to publish a long-delayed paper on the future of its financial services industry after Brexit. Senior financiers say they were told after the summer that the government would issue a position …

Luxembourg Sees No Reason to Change EU ‘Delegation’ Rules After Brexit

Luxembourg’s finance minister Pierre Gramegna said on Friday the European Commission should stick to the current rules that allow funds managed in London to be domiciled and regulated in another country. His comments pit the tiny and wealthy country against …

London’s Brexit-Related Job Losses Will Be Fewer Than 1st Feared: Policy Chief

Britain’s vast financial services industry will suffer far fewer job losses from Brexit than first feared, the City of London’s policy chief told Reuters, in remarks that will boost supporters of leaving the EU who say the threat has been …