Brexit white paper: 'UK and EU won't have current levels of access to each other's markets'

May backs down on mutual regulatory recognition

The government has backed down from its calls for mutual regulatory recognition post Brexit and will now push for a deal that will see UK and EU financial services firms' access to each other's markets scaled back when the country leaves the bloc.

In its long-awaited Brexit white paper, published on Thursday (12 July), the government called for "new economic and regulatory arrangements for financial services", which it argues would "preserve the mutual benefits of integrated markets and protect financial stability". Two-fifths of asset managers eyeing Brexitrelocations However, the government acknowledges "that these could not replicate the EU's passporting regimes", meaning "the UK and the EU will not have current levels of access to each other's markets". In terms of the overall relationship the UK would have with the EU u...