Merkel ally cool on access deal for British banks

Negotiating a new arrangement 'very difficult', says Fuchs

23rd August, 2016
British banks could move quickly after Brexit. Pic: Getty

A close ally of German Chancellor Angela Merkel has said the European Union will not bend its rules to preserve the City of London’s access to the EU market once Britain leaves the union.

Passporting rules, which allow a bank incorporated in any EU member state to sell its products and services throughout the integrated economy, are “not negotiable,” he said.

That is a rebuff to lobbies such as the British...

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