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