Britain's Brexit plans 'real blow' to its banks

Britain's Brexit plans 'real blow' to its banks
London financial services group unhappy with plans. Pic: Getty

A White Paper paper calls for new regulatory arrangements for Britain’s massive financial services industry, but notes that these will not replicate the current ‘passporting’ regime, which gives financial firms the right to operate in any EU country

The British government on Thursday published its White Paper setting out what type of relationship with the EU it wants after Brexit.

The document is being published almost a week after Prime Minister Theresa May claimed to have secured cabinet agreement for the position after a meeting at Chequers. Two key ministers – Foreign Secretary Boris Johnson and Brexit Secretary David Davis – later resigned, however, while many Conservative MPs have already expressed concern...

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