3 years ago

Too little trust after Brexit for equivalence to work

by Nick Smith Why would you want to be the same as a competitor?  In any other walk of life – commerce, sport, romance, politics – we focus on differentiating ourselves.  While having parity can be helpful in some respects, what we do better than the other person is always more important. While the UK was always a competitor while inside the EU, there was a framework to that competition. …

3 years ago

The UK needs to focus on equivalence where it most matters

By Shayne Halfpenny-Ray Equivalence is an often discussed and at times overestimated outcome for the UK/EU negotiations, particularly in the space of financial services. Its not inevitable, its likely not to happen, and there are huge chunks of financial services unlikely either to be equivalent or have a mechanism to ever seek such a vaunted goal. I could of course end this killjoy blog here and move on to stamping…

3 years ago

The City is now asking whether equivalence is needed at all

By Tanisha Aggarwal With news that the UK and the EU have reached a deal on financial services co-operation, a pathway to future EU market access is now open for the City of London. However, the technical details do not include the UK Government’s coveted request for equivalence. The EU has indicated that this Memorandum of Understanding may open up the possibility of an equivalence agreement further down the line….

4 years ago

Shorting the City: The Tories’ Brexit deal fails the financial services industry

By Pat McFadden There was a revealing moment in the House of Commons debate on the Government’s Brexit deal.  Labour MP Peter Kyle asked the Prime Minister about the absence of coverage for financial services in the deal.  The Prime Minister ducked the question but said he was glad Labour was “backing the bankers”. The Prime Minister’s response summed up how the financial services sector has been viewed by much…

5 years ago

Brexit and the Backstop

Much has been said about the Irish Backstop, but little clarity has resulted. The current Prime Minister of the UK, Mr Johnson, has demanded that the Backstop be removed from the Withdrawal Agreement. He seems confident that the EU27 will back down on its insistence that it is retained. Seemingly, an impasse arises. However, if the rhetoric is removed, a much clearer picture emerges. Mr Johnson’s confidence appears to be…

6 years ago

Brexit vote meeting in Parliament

Labour City Lawyers (a group of the Society of Labour Lawyers) are organising a meeting on Brexit on Tuesday 11 December, the day that the House of Commons will vote on whether to support the Brexit Withdrawal Agreement. The meeting is co-hosted by Labour in the City and Labour Business. Please register via the Brexit vote meeting in Parliament Eventbrite page. Speakers will include: Dawn Butler MP, Shadow Secretary of…

7 years ago

Is a Soft Brexit a false hope?

Hard Brexit, Soft Brexit, Train-Crash Brexit: these are all labels that have been bandied around; but what do they mean, and more importantly what are their consequences? A Hard Brexit is commonly understood to mean leaving the single market, the customs union and the oversight of the Court of Justice of the European Union so that the United Kingdom can take back control of its sovereignty, trade and laws. It…

8 years ago

Before the UK triggers Article 50 of the 2007 Lisbon Treaty

Before the UK triggers Article 50 of the 2007 Lisbon Treaty, it should do everything possible to preserve, promote and improve the capacity of the City as an engine of national and regional economic growth.   The challenges to this aim are many. For one Brexit, looming but not yet actualised, has enticed foreign financial centres to covet the City’s financial activity. For another, and without much information on upcoming…

8 years ago

A Note on Brexit

Currently, there is little realistic analysis of the options and their consequences. This note sets out some potential paths for discussion.   If Article 50 were activated and if the UK were to leave the EU, then the UK would not be able to re-join the EU on terms as favourable as it currently has. Its various opt-outs and rebates would fall away and not be renewed; it might have…