All hopes of obtaining a Brexit deal over the British financial sector`s role in Europe seem to have been crashed for now.
The European Commissioner for Financial Services has admitted that there are “no negotiations” in place for now between Brussels and Britain on securing a deal. Mairead McGuinness said in terms of equivalence, Brussels was “now looking at what happens in the future.”
The Irish politician also insisted any financial services deal would be in the “best interests of the financial stability of the European Union.”
A number of financial centres would emerge in the future which means THE CITY of London could be replaced as Europe`s financial capital. Brexit has prompted a shift in over 7,500 financial jobs from London`s to new hubs in the bloc, with Amsterdam sailing over London to become Europe’s biggest share trading centre.
In response, a UK Government source said: “The EU does not really have any reason to deny the UK access to their financial markets and industries.”
Ms McGuinness said: “What it does mean though for the European Union is perhaps not one main financial centre as London was the main financial centre for the European Union.
“It [London] now is outside so we will see in my experience and my view, some centres for different services emerging whether it’s Frankfurt or Dublin or Amsterdam, you’re going to see this developing.
“I think there are opportunities for many member states in this area.”