The Prime Minister of the United Kingdom, Boris Johnson, admits, in an interview with the Sunday Telegraph, that the Agreement with the European Union on post-Brexit relations is insufficient in the field of financial services.
Asked in an interview about financial services, Boris Johnson replied: “Maybe the agreement doesn’t go as far as we would like.”
But Boris Johnson says the agreement with the EU is “good for the digital domain”, with clear provisions for data flow.
“The agreement provides us with the basis for a new friendship and a new partnership that should attract people who love Europe and want to have a good relationship with it, who want to feel close to it. But there must also be something welcomed by those I see that the country has reached a new, more stable position It is a better relationship, a healthier relationship We can have free trade with the EU without being drawn into the European regulatory orbit and legislation, “argues Boris Johnson.
According to Bloomberg, the agreement between the United Kingdom and the EU does not give much clarity to British financial companies. There is no decision on equivalence that would allow British companies in the City of London to provide financial services on the EU market. The agreement confers only standard provisions on financial services, without guarantees on access to the Community market. The UK and the EU are to negotiate progress on financial equivalence decisions. With regard to regulatory cooperation, London and Brussels hope to reach an agreement on monitoring financial activities by March.