Chancellor of the Exchequer Jeremy Hunt is anticipated to signal a Memorandum of Understanding on monetary providers which units out plans for UK/EU cooperation
Comes because the Chancellor is in Brussels for the primary time in submit on Tuesday 27 June
Chancellor Hunt will focus on UK/EU cooperation along with his counterparts on the European Fee
Jeremy Hunt, Chancellor of the Exchequer, will signal an settlement on monetary providers cooperation with Commissioner Mairead McGuinness, which is able to assist to ascertain a constructive, mutually helpful relationship between the UK and the EU in monetary providers.
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 providers, monetary stability and capital markets union.
The Memorandum of Understanding signifies an vital step in UK/EU relations post-Brexit. The UK is a number one world hub of monetary providers – 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.
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The settlement will set up an ongoing discussion board for the UK and the EU to debate voluntary regulatory cooperation on monetary providers points. Each side will share info, 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 providers sector is a real British success story. Along with the associated skilled providers sector it was price £275bn final yr, making up an estimated 12 per cent of the British economic system.
“This settlement with our European companions as sovereign equals builds on our preparations with the U.S., Japan and Singapore, serving to to assist the sector’s function as a worldwide monetary providers hub.”
Whereas the Chancellor is in Brussels he can even be assembly with Valdis Dombrovskis (European Fee Govt Vice-President answerable for an Financial system that Works for Folks, additionally in command of Commerce) and Margrethe Vestager (European Fee Govt Vice-President for ‘A Europe Match for the Digital Age and Competitors). He’ll focus on the UK’s competitiveness and development, the EU’s Inexperienced Deal Industrial Plan and financial safety.
