News

Bank of England offers EU investment banks easy access to city after Brexit

21-12-2017

Yesterday, in a move to maintain London's status as a global financial centre, the bank of England said it would allow EU based investment banks access to the City with 'EU passport' similar to schemes employed by Japan the US.

The Governor of the Bank of England, Mark Carney said the UK's stance of "responsible openness" was dependant on a similar response from the EU. He told the parliamentary committee "Our approach is... best with a high degree of supervisory co-operation. We would hope it's reciprocated. If it's not, there will be consequences."

The Financial Conduct Authority also temporary waivers to be granted to more than 8,000 European banks, insurers and asset managers to allow them to run in the UK as if it were still in the EU.

Phillip Hammond, the chancellor, said the initiatives "will ensure that the UK's exit from the EU is smooth and orderly, will underpin the UK's status as a global financial services sector and will ensure that UK consumers are protected."

The initiatives from the Bank of England stand in contrast to the banks of Paris and Frankfurt who have actively been courting international banks to relocate from London after Brexit.

The new scheme could fend off such moves as it would allow finance to operate in the UK as if it hadn't left the EU.

Source: FT

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