Chancellor of the Exchequer Jeremy Hunt is anticipated to signal a Memorandum of Understanding on monetary companies which units out plans for UK/EU cooperation
Comes because the Chancellor is in Brussels for the primary time in publish on Tuesday 27 June
Chancellor Hunt will focus on UK/EU cooperation together with his counterparts on the European Fee
Jeremy Hunt, Chancellor of the Exchequer, will signal an settlement on monetary companies cooperation with Commissioner Mairead McGuinness, which is able to assist to determine a constructive, mutually useful relationship between the UK and the EU in monetary companies.
This comes because the Chancellor is in Brussels for a sequence of conferences with European Commissioners, within the first go to from a UK Chancellor in over three years.
Commissioner McGuinness is the European Commissioner for monetary companies, monetary stability and capital markets union.
The Memorandum of Understanding signifies an essential step in UK/EU relations post-Brexit. The UK is a number one world hub of monetary companies – of the £11 trillion of belongings managed within the UK in 2020, round 44 per cent is on behalf of worldwide traders together with the EU.
The settlement will set up an ongoing discussion board for the UK and the EU to debate voluntary regulatory cooperation on monetary companies points. Each side will share data, work collectively in direction of assembly joint challenges and coordinate positions the place acceptable on points forward of G7, G20 and different worldwide conferences.
The UK and the EU dedicated to the Memorandum of Understanding alongside the Commerce and Cooperation Settlement. It provides to the rising variety of regulatory cooperation preparations the UK already has with main monetary sector companions together with the U.S., Japan and Singapore.
Jeremy Hunt, Chancellor of the Exchequer, mentioned:
“The UK and EU’s monetary markets are deeply interconnected and constructing a constructive, voluntary relationship is of mutual profit to us each.
“Within the UK, our monetary companies sector is a real British success story. Along with the associated skilled companies sector it was value £275bn final 12 months, making up an estimated 12 per cent of the British financial system.
“This settlement with our European companions as sovereign equals builds on our preparations with the U.S., Japan and Singapore, serving to to help the sector’s function as a worldwide monetary companies hub.”
Whereas the Chancellor is in Brussels he can even be assembly with Valdis Dombrovskis (European Fee Government Vice-President liable for an Financial system that Works for Individuals, additionally in command of Commerce) and Margrethe Vestager (European Fee Government Vice-President for ‘A Europe Match for the Digital Age and Competitors). He’ll focus on the UK’s competitiveness and progress, the EU’s Inexperienced Deal Industrial Plan and financial safety.
