U.K. Banks Weaken Push to Keep EU ‘Passporting’ Post-Brexit

  • Lobby group calls for U.K., EU deal guaranteeing market access
  • TheCityUK wants interim deal as early as March to retain jobs

U.K. finance firms diluted their bid to retain unfettered access to the European Union after Brexit, accepting that Prime Minister Theresa May’s government is unwilling to fight their corner against EU resistance.

In a two-page summary of industry priorities for the upcoming negotiations released on Thursday, TheCityUK lobby group made no mention of its once key demand to safeguard so-called passporting, which allows banks with bases in London to service customers throughout the EU. The banks are now pushing for “mutual access” and additional time to adapt to the new regime…

U.K. Banks Weaken Push to Keep EU ‘Passporting’ Post-Brexit

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