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Keeping euro-clearing in London not a top priority in Brexit talks - minister

Reuters  |  LONDON 

(Reuters) - The future of London's business is a significant consideration in Britain's negotiations on leaving the European Union, but is probably not a top priority for government, city minister Simon Kirby said on Wednesday.

dominates of derivatives denominated in the euros, and attempts by the European Central Bank to shift to the euro zone were thwarted by the bloc's top court.

But after voted in June to leave the EU, French President Francois Hollande called for of euro denominated securities to shift to the euro zone.

Industry lobby groups have said that keeping in should be one of the core aims of Britain's negotiations on new trading terms with the bloc.

Britain's services minister, Simon Kirby, declined to give full backing to such demands at a parliamentary hearing.

"It's an element of the negotiations. Is it the most important element? Probably not, but it is a significant consideration," Kirby said when asked whether the finance ministry had analysed the impact of relocating houses away from the capital.

"The whole of Europe, UK included, would be worse off if that particular part of services that offers was dismantled and redistributed across Europe," Kirby a committee in the House of Lords.

"There are some people who would have you believe it wouldn't go to Europe at all, and that it would end up in New York, which would be a very bad place for all of us."

(Reporting by Huw Jones and William James, editing by Louise Heavens)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Keeping euro-clearing in London not a top priority in Brexit talks - minister

LONDON (Reuters) - The future of London's financial clearing business is a significant consideration in Britain's negotiations on leaving the European Union, but is probably not a top priority for government, city minister Simon Kirby said on Wednesday.

(Reuters) - The future of London's business is a significant consideration in Britain's negotiations on leaving the European Union, but is probably not a top priority for government, city minister Simon Kirby said on Wednesday.

dominates of derivatives denominated in the euros, and attempts by the European Central Bank to shift to the euro zone were thwarted by the bloc's top court.

But after voted in June to leave the EU, French President Francois Hollande called for of euro denominated securities to shift to the euro zone.

Industry lobby groups have said that keeping in should be one of the core aims of Britain's negotiations on new trading terms with the bloc.

Britain's services minister, Simon Kirby, declined to give full backing to such demands at a parliamentary hearing.

"It's an element of the negotiations. Is it the most important element? Probably not, but it is a significant consideration," Kirby said when asked whether the finance ministry had analysed the impact of relocating houses away from the capital.

"The whole of Europe, UK included, would be worse off if that particular part of services that offers was dismantled and redistributed across Europe," Kirby a committee in the House of Lords.

"There are some people who would have you believe it wouldn't go to Europe at all, and that it would end up in New York, which would be a very bad place for all of us."

(Reporting by Huw Jones and William James, editing by Louise Heavens)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Keeping euro-clearing in London not a top priority in Brexit talks - minister

(Reuters) - The future of London's business is a significant consideration in Britain's negotiations on leaving the European Union, but is probably not a top priority for government, city minister Simon Kirby said on Wednesday.

dominates of derivatives denominated in the euros, and attempts by the European Central Bank to shift to the euro zone were thwarted by the bloc's top court.

But after voted in June to leave the EU, French President Francois Hollande called for of euro denominated securities to shift to the euro zone.

Industry lobby groups have said that keeping in should be one of the core aims of Britain's negotiations on new trading terms with the bloc.

Britain's services minister, Simon Kirby, declined to give full backing to such demands at a parliamentary hearing.

"It's an element of the negotiations. Is it the most important element? Probably not, but it is a significant consideration," Kirby said when asked whether the finance ministry had analysed the impact of relocating houses away from the capital.

"The whole of Europe, UK included, would be worse off if that particular part of services that offers was dismantled and redistributed across Europe," Kirby a committee in the House of Lords.

"There are some people who would have you believe it wouldn't go to Europe at all, and that it would end up in New York, which would be a very bad place for all of us."

(Reporting by Huw Jones and William James, editing by Louise Heavens)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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