British Finance Minister says Brexit offers Britain chance to do financial services differently

Brexit offers Britain a chance to do things differently in financial services, finance minister Rishi Sunak said on Sunday, but a trade deal with the European Union gives reassurance that there will be co-operation on the regulatory approach to sector.

“Now that we’ve left the European Union, we can do things a bit differently (in financial services),” Sunak told broadcasters.

“But this deal also provides reassurance because there’s a stable regulatory co-operative framework mentioned in the deal, which I think will give people that reassurance that we will remain in close dialogue with our European partners when it comes to things like equivalence decisions.”

Britain on Saturday published the text of its narrow trade agreement with the European Union just five days before it exits one of the world’s biggest trading blocs in its most momentous global shift since the loss of empire.

The text includes a 1,246-page trade document, as well as accords on nuclear energy, exchanging classified information, civil nuclear energy and a series of joint declarations.

The “Draft EU-UK Trade and Cooperation Agreement” means that from 2300 GMT on Dec. 31, when Britain finally leaves the European Union’s single market and customs union, there will be no tariffs or quotas on the movement of goods originating in either place between the United Kingdom and the EU.

Prime Minister Boris Johnson cast the deal as the final implementation of the will of the British people who voted 52-48% for Brexit in a 2016 referendum, while Europe’s leaders said it was time to leave Brexit behind.

Min Photo: Britain’s Chancellor of the Exchequer Rishi Sunak leaves 11 Downing Street London, Britain . EPA-EFE/NEIL HALL