The UK government wants a ‘new arrangement’ for its banks after Brexit

“Under the proposal, the U.K. and the EU will retain the current agreements to trade goods but not services” writes Jason Alden for In a white paper, the U.K. government proposed new trade arrangements with the EU to come into force when it leaves the 28-member bloc.The EU’s passporting regime allows financial services firms based in the U.K. to have clients in the EU. Ending this regime means that the City of London will need extra licenses to serve EU-based customers.

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