Financial scrutiny EU looks at tougher rules for the UK

Brussels will try to impose tough rules on British banks during the Brexit transition.

The European Commission will today consider draft legislation that proposes greater scrutiny of financial hubs outside the EU, with the option of removing access to the EU market if their rules are not deemed to be “equivalent” to EU standards.

There is concern over the UK becoming a low tax, low regulation Singapore-style state, and the EU is keen to keep London on a tight rein.