LONDON (Reuters) – Britain took away the risk from the European Union on Sunday after Brexit, saying the real challenges come from New York, Tokyo and other areas.
Britain completed its exit from the EU at the end of 2020, but the last-minute free trade agreement that replaced the bloc’s membership did not include arrangements for free trade in financial services – the car of the British economy.
Data published on Thursday showed that Amsterdam moved London as the largest stock center in Europe after Britain left the EU market, gaining a bunch of British derivatives.
‘If we are really honest about it, the challenge will come to London as the global financial center around the world from Tokyo, New York and other areas, rather than the European hubs, especially if they start to set up trade barriers. and investment, ”Foreign Minister Dominic Raab told the BBC.
Britain has yet to grant the equal status of financial services that will free up trade, as the EU says it needs information on Britain’s intentions to deviate from EU rules. Britain says it has provided all the necessary paperwork.
Raab said the EU could undermine its own competitiveness if it erects barriers to getting some business here and there from the city.
The EU authorities were previously clear that they want financial activities to move out of London in euros to build up its own capital market under the direct supervision of Brussels.
Reporting by William James; Edited by Gareth Jones and Barbara Lewis