| 7.6°C Dublin

UK and EU can strike banking deal - Sunak


Rishi Sunak (Aaron Chown/PA)

Rishi Sunak (Aaron Chown/PA)

Rishi Sunak (Aaron Chown/PA)

The UK and EU should be able to deliver findings by the middle of the year in assessments for two-way financial market access, British chancellor Rishi Sunak says.

Mr Sunak said in a letter to the EU's financial services chief, Valdis Dombrovskis, that the sides should be able to conclude assessments on equivalence-based access swiftly. "I see no reason why we cannot deliver comprehensive positive findings to the June timeline," he wrote.

"The UK is committed to meeting this deadline and we are ready to work collaboratively over the next few months to ensure we can both do so."

Equivalence refers to the EU's system of allowing direct market access to foreign financial firms from countries whose rules are sufficiently aligned with those of the bloc.

Both sides have said that they will conclude assessments by the end of June on the degree to which regulations are aligned, though Brussels has stressed that this does not mean an actual decision on access will also be taken at the same time.

The European Union is the UK financial sector's biggest customer.


Irish Independent