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Thursday, December 1, 2022

Trust comes before EU access for City of London -EU finance chief

The European Union is not intent on stealing business from the City of London, but future access for Britain to the bloc’s financial market will hinge on whether it can be trusted to keep its word, EU financial services chief Mairead McGuinness said on Tuesday.

Post-Brexit trading arrangements for Northern Ireland have created tensions, with Britain unilaterally delaying the implementation of some provisions in a protocol.

McGuinness, Ireland’s commissioner in Brussels, said the EU is waiting to see which path Britain chooses: sticking to obligations agreed when it left the EU, or continuing to act on a unilateral basis.

“We hope that the UK will choose the first, more appropriate and sustainable path. That will help us cooperate across sectors, including in financial services,” McGuinness told the City Week event held by City & Financial.

“When you sign up to international agreements and make commitments, partners need to be able to count on your word and your signature.” (Reporting by Huw Jones; editing by John Stonestreet)

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