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The Future of U.K. Banking Rests on a Process Run by European Politicians 

The Future of U.K. Banking Rests on a Process Run by European Politicians 




The City of London is starting 2021 free of the European Union’s rules. But despite a trade deal being reached, its status as a global financial hub is under threat, resting on a separate process controlled by politicians and technocrats in Brussels known as “equivalence.” The EU granted two big equivalence decisions to the U.K. in 2020 — but with 28 areas still open, it’s unclear how much investment banking business can stay in Britain. The EU hasn’t been in any rush to come to London’s rescue



Source link : https://www.washingtonpost.com/business/thefuture-of-uk-banking-rests-on-a-process-run-by-european-politicians/2020/12/29/5d992ae6-49cb-11eb-97b6-4eb9f72ff46b_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business

Author : By Silla Brush and Alexander Weber | Bloomberg

Publish date : 2020-12-30 17:28:47

Copyright for syndicated content belongs to the linked Source.

Tags : The Washington Post

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