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UK and EU Sign Memo for Post-Brexit Finance Regulation
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The UK and the European Union signed a long-awaited memorandum of understanding on financial services on Tuesday, marking a moment of accord amid years of wrangling over post-Brexit co-operation.
Jeremy Hunt approved the memo with Commissioner Mairead McGuinness during the first visit to Brussels by a UK chancellor in more than three years. Hunt described the move as an “important turning point,” saying “we have shared objectives and cooperation is essential.”
“The UK and EU’s financial markets are deeply interconnected and building a constructive, voluntary relationship is of mutual benefit to us both,” Hunt said. The UK’s financial services and related professional services sectors were worth £275 billion ($350 billion) in 2022, making up about 12% of the UK economy, according to the Treasury.
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Jeremy Hunt approved the memo with Commissioner Mairead McGuinness during the first visit to Brussels by a UK chancellor in more than three years. Hunt described the move as an “important turning point,” saying “we have shared objectives and cooperation is essential.”
“The UK and EU’s financial markets are deeply interconnected and building a constructive, voluntary relationship is of mutual benefit to us both,” Hunt said. The UK’s financial services and related professional services sectors were worth £275 billion ($350 billion) in 2022, making up about 12% of the UK economy, according to the Treasury.
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