Progress - or as useful as a chocolate teapot? City's mixed reaction to post-Brexit co-operation talks

UK and EU debate memorandum of understanding

The investment industry has offered a muted reaction to the preliminary steps the UK and EU have made to agreeing the rules of the game around post-Brexit financial services co-operation.

On Friday (26 March), HM Treasury and its EU counterpart, announced that "technical discussions on the text of the memorandum of understanding (MoU), which was agreed in a Joint Declaration on Financial Services Regulatory Co-operation alongside the Trade and Co-operation Agreement", had been concluded. Financial services risks becoming Brexit's orphaned child Formal steps need to be undertaken on both sides before the MoU can be signed, but the Treasury said it expected this to be "done expeditiously". Once signed, the MoU creates the framework for voluntary regulatory co-operatio...