EU Withholding Finance Access Is ‘Really Regrettable’, U.K. Says
- Treasury has already said many EU finance rules are equivalent
- EU needs to reciprocate before next step, senior official says
The European Commission said it was still in the process of assessing the U.K.’s rules and would grant equivalence when it’s in the bloc’s interests.
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A senior U.K. Treasury official urged the European Union to match its attempts to preserve cross-border finance, calling it “really regrettable” that the bloc hasn’t budged with weeks until the post-Brexit transition period expires.
The U.K., which this week unilaterally opened EU access to parts of its market, needs to see the EU reciprocate before it takes further steps, according to Katharine Braddick, director general of financial services at the Treasury.