U.K. BANKS

Lenders en­cour­aged by call for ‘bold and am­bi­tious’ trade deal

New Straits Times - - Business -

LON­DON let­ter to EU president Don­ald Tusk on Wed­nes­day in­vok­ing Ar­ti­cle 50 of the Lis­bon Treaty.

May’s speech to Par­lia­ment as she trig­gered Ar­ti­cle 50 struck her soft­est tone to­ward banks, af­ter pre­vi­ously re­ject­ing de­mands from the in­dus­try for spe­cial treat­ment.

How­ever, a trade deal on fi­nan­cial ser­vices faces a tight timetable, re­sis­tance from some EU of­fi­cials, and a lack of any com­pa­ra­ble prece­dent.

“If the UK suc­ceeds in agree­ing the sort of trade agree­ment with the EU that the PM wants, it will be a first in global trade,” Phillip Souta, head of pol­icy at law firm Clifford Chance.

The fi­nan­cial ser­vices in­dus­try and re­lated sec­tors em­ploy more than 2.2 mil­lion peo­ple across the UK, gen­er­at­ing US$89 bil­lion (RM393.38 bil­lion) in taxes in the last fis­cal year alone.

Mean­while, Bri­tish Brexit min­is­ter David Davis said he did not ex­pect Uk to pay £50 bil­lion (RM274.04 bil­lion) to the EU as part of the Brexit process and said the era of huge sums be­ing paid to Brus­sels was com­ing to an end. Agen­cies

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