UK Finance has launched its EU-UK trade report ‘Supporting Europe’s Economies and Citizens: a modern approach to financial services in an EU-UK Trade Agreement’ setting out an ambitious model for trade in banking and capital markets services. The report contributes to the debate about what the future relationship between the EU and the UK might look like and how it might be built in such a way to preserve some of the commercial and economic benefits of the existing close ties under a new agreement.
Handelsblatt press article by Michael Glos, former German Federal Government Minister for Economy who provides his views on Brexit’s impact on Financial services across the Continent Including that that it is likely that local banks will not be able to fill the void left by loss of financing for corporates (including Mittelstand) from UK based banks being forced to adjust their pan European offer.
Agefi press article following on the UK Finance and AFME joint publication on the impact of Brexit on the continuity of cross-border financial contracts
UK Finance Senior Policy Director Diederik Zandstra blogs on the need for interim measures as part of a deal on Brexit.
The quest for funds to foster growth and investment has traditionally been a priority for Italian SMEs. Within the context of the ongoing economic crisis, Italian SMEs face greater struggles due to the credit crunch and the combined effect of red tape and taxes. Access to credit comes shortly after bureaucracy and taxes – as recently highlighted by the 2016-2017 Competitiveness Index 2016-2017 issued by the World Economic Forum – in the ranking of top concerns of Italian entrepreneurs.
The Hon. Daniele Capezzone, of the Italian Conservatives and Reformists group: “With its unique concentration of financial services, London has become an indispensable go-to for businesses from all over Italy”
When conducting the Brexit negotiations, Italian government officers should also remain acutely aware that the Italian financial system is currently not in a position to match the demand for funding from Italian businesses. Hence, before we decide to kiss goodbye to London as we have known it, extreme caution is needed.”
In an interview with the BBC, Andreas Dombret – member of the Executive Board at the Bundesbank – said that any risks to financial services would not just be in the UK. He said: “I see risks not only for London; I see risks for Germany and for the rest of Europe, should there be an impact of Brexit on economic circumstances it will not be concentrated on Great Britain it will be also in the rest of Europe”.
Pierre Gramegna, Luxembourg’s Finance Minister, told Bloomberg that: “London is the largest financial centre in the world. Luxembourg is the second largest in Europe. We have a lot of common interests, a lot of trade happening, and we want that to continue.”
Hans-Peter Friedrich leads the Brexit working group for the CDU/CSU grouping, the largest group in the Bundestag. In an interview with Bloomberg, he said: “There are services that you have to leave in London simply because London is better at them”.
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Politico 2017 Capital Markets Summit, Paris