No Place For UK Financial Firms in Continental Europe After Brexit?
EU officials have offered UK a free trade deal after Brexit. The draft joint position from twenty-seven members of the European Union expressed EU desire to have a warm relationship with Britain after the divorce process is over.
The draft stated that British financial companies will only be allowed to work in continental Europe "under host state rules" and will be regulated according to "the fact that the UK will become a third country and the Union and the UK will no longer share a common regulatory, supervisory, enforcement and judiciary framework."
But, it is very important for Britain that its financial services firms have access to continental Europe. That’s why, the finance minister Philip Hammond is yet to dispute EU document.