Boris Johnson

Boris Johnson warned not to leave City of London high and dry in EU financial services deal

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oris Johnson was today urged not to leave the City “swinging in the wind” by failing to strike a comprehensive deal with the EU on financial services.

However, hopes in the Square Mile are low that it will deliver any major breakthroughs in imminently pulling down significant barriers to trade with the EU.

Amid the gloom among financial chiefs, Labour’s shadow City minister Pat McFadden told the Standard: “Ministers must not leave the City swinging in the wind.

“The Government has spent three months hosing down expectations about this document as much as possible.

“They have effectively told us not to expect anything in it about equivalence recognition which is very important for UK companies.”

He added: “This whole situation is a reflection of the Government’s deliberate choice to downgrade the importance of the UK’s financial services sector in the Brexit deal negotiations.”

The MoU is expected to establish a forum for UK and EU regulators to hold talks on financial regulation and supervision to establish “a stable and durable” basis to develop co-operation.

A separate process could lead to more “equivalence” recognition allowing British companies better access to EU markets.

The Government  has already granted EU firms far more equivalence than vice-versa, though Whitehall sources insists that this was done to benefit the UK financial sector.

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