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EU rejects plan of post-Brexit free trade deal on financial services

The rejection of the proposed trade deal represents a second setback for the City of London, which had initially pinned hopes on Britain maintaining "passporting" in financial services after Brexit

Reuters  |  London 

European Commission officials have rejected the City of London's proposal to strike a post-Brexit free trade deal on financial services, a major blow to Britain's hopes of keeping full access to EU markets for one of the world's top two financial centres. The decision increases the likelihood that the City will trade with Europe under less favourable terms and could accelerate corporate contingency plans to move more operations to the continent from London. Since Britain voted to leave the EU 19 months ago, some of the world's most powerful finance companies in ...

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First Published: Wed, January 31 2018. 23:15 IST