LONDON-BRITAIN BREXIT HAVING FINANCIAL ISSUES

Three months after Britain exited the EU, London on Friday reached a cooperation agreement on financial services with Brussels but despite this first step rivalries between the two sides remain.
Britain's finance ministry said that the memorandum of understanding, which is still to be signed, will create the framework for voluntary regulatory cooperation and establish a regulatory forum which will serve as a platform to facilitate dialogue on financial services issues.
London and Brussels reached a last-gasp free trade agreement on December 24, just days before Britain was due to leave Europe's single market and customs union on January 1 but the culmination of months of tense talks saw both sides agree to push back a decision on the finance sector, leaving it in limbo.
International banks took an early gamble to prepare for the worst and the possibility of a hard Brexit by strengthening their European operations, which allowed for a smooth transition when Britain left the customs union, while the particulars of the agreement have not yet been released, the full text of the memorandum should be published once it is signed before an end of March deadline set by the UK and the European Union.
The City does not expect an ambitious agreement between the two sides, given the importance of the financial services sector to the British economy, it contributes about seven percent of GDP and 10 percent of the country's tax revenues amounting to £76 billion.
The memorandum is also not anticipated to address the crucial issue of equivalence, which allows London-based firms to operate on the European continent. For equivalence to be agreed, it has to be granted in 40 separate areas of activity and these can easily be revoked.
Brussels' approach to London in this regard has been less favourable than the 21 equivalences it has with the United States, the 19 it has with Japan and its 15 with Singapore.
However, Britain is already planning its fightback with an easing of stock market rules aimed at attracting start-ups, leading the charge on green finance and pivoting towards markets in Asia while potentially mulling other measures to attract investors.

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