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Britain confident of Brexit financial services deal soon

Reuters  |  LONDON 

(Reuters) - Britain is confident that it will "imminently" reach a deal with the on its post-financial services trade with the bloc, Britain's said on Monday.

Britain is looking for an agreement based on an improved version of the EU's "equivalence" system of financial market access, whereby allows foreign firms to operate on its turf if their home rules are closely aligned with those in the bloc.

"I am extremely confident we will reach an imminent deal," Glen told a financial services conference in "There is common ground. That is why we are increasingly positive on the expectation of reaching a deal."

Glen said the government was prioritising the need to have a for the "power house" financial services sector.

"There is no competitor worthy of replacing us," Glen said, adding there would be no regulatory "isolation" or race to the bottom in financial rules after

He also said that the loss of jobs in the City as banks and insurers open new hubs in the bloc ahead of next March has been a fraction of what "scaremongers" had originally predicted.

(Reporting by and Andrew MacAskill, Editing by Raissa Kasolowsky)

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

First Published: Mon, November 05 2018. 19:24 IST