Claims of Brexit deal on banking quashed by No10
DOWNING Street last night quashed reports that Theresa May has struck a deal with the EU on post-Brexit financial services.
The pound soared early yesterday following suggestions the Prime Minister had reached agreement with EU negotiators to give City of London finance firms continued access to the bloc after Brexit.
Future rules for financial services is one of the key issues in Theresa May’s push for a Brexit deal.
But both EU chief negotiator Michel Barnier and a senior Downing Street spokesman rejected the claim that a finance deal was done.
A report yesterday said a tentative deal had been reached on all aspects of a future partnership on services and the exchange of data.
Such a deal would guarantee UK companies access to EU markets as long as domestic regulations remained broadly aligned with those set by Brussels.
The Prime Minister’s spokesman hit out at the reports as “misleading”. He said: “It’s time for everybody to draw a deep breath.
“This is speculation. While we continue to make good progress, agreeing new arrangements for financial services negotiations are ongoing.”
Mr Barnier also said there had been “misleading press articles today”.
He added: “Reminder: EU may grant and withdraw equivalence in some financial services autonomously.
“As with other third countries, EU ready to have close regulatory dialogue with UK in full respect for autonomy of both parties.”
The confusion follows intensifying speculation that a Brexit deal between Britain and the EU is close to being finalised.
Earlier this week EU Exit Secretary Dominic Raab suggested in a letter to MPs the deal could be concluded by November 21.
He later clarified his remarks to say there was “no set date for the negotiations to conclude”.