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Service Industries: UK Trade with EU

Department for Exiting the European Union written question – answered on 22nd August 2018.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask Her Majesty's Government what assessment they have made of whether they will be able to secure a trade deal on services following Brussels rejecting the "enhanced equivalence" model proposed on the Brexit white paper.

Photo of Lord Callanan Lord Callanan Minister of State (Department for Exiting the European Union)

In its White Paper the Government is advancing a detailed proposal for a principled and practical Brexit, including in financial services.

The UK proposes a new economic and regulatory arrangement with the EU in financial services. This would maintain the economic benefits of cross-border provision of the most important international financial services traded between the UK and the EU.

We have also listened to the other side’s concerns and understand the need for a new and fair balance in our rights and obligations in relation to financial services. As such, our proposal recognises the EU’s desire to have control over its own decision making but it also reflects the deeply integrated nature of UK and EU financial markets.

We have suggested how this could be done, by setting out that the new arrangement should include provisions for:

  • common principles for the governance of the relationship;

  • extensive supervisory cooperation and regulatory dialogue; and

  • predictable, transparent and robust processes.

We believe this proposal is the best option for getting a good deal for both the EU and the UK, and we look forward to discussing it with them.

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