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LONDON (Reuters) – Britain’s financial services sector must keep its unfettered access to the European Union’s single market after Brexit given that available alternatives don’t provide a sustainable long-term solution, an industry report said on Tuesday.
British Prime Minister Theresa May is due to launch formal divorce talks with the EU by the end of March, leaving banks, insurers, asset managers and markets wondering how they can serve customers on the continent in future.
EU - Passport - Bloc - Base - Britain
Currently, they use an “EU passport” allowing them to operate across the 28-nation bloc from a base in Britain.
The International Regulatory Strategy Group, made up of financial and professional services firms operating in Britain, said the sector should be “prioritized in the forthcoming negotiations” given its importance to Britain’s economy.
Access - Market - Terms - Operation - Report
“This must include securing continued access to the single market on terms that resemble those currently in operation as closely as possible,” the report seen by Reuters said.
The report is due to be published later this month and has been written in collaboration with lawfirm Hogan Lovells.
Alternatives - Passporting - Nod - Sector - Chance
It looks at alternatives to passporting, a nod to how many in the sector now believe there is no realistic chance...
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