Saturday, 31 Oct 2020

City of London will have 'less fluid' trade with EU, says EU official

FILE PHOTO: European Union and British flags flutter in front of the chancellery ahead of a visit of British Prime Minister Theresa May in Berlin, Germany, April 9, 2019. REUTERS/Hannibal Hanschke

BRUSSELS (Reuters) – The flow of financial services between the European Union and Britain will be less fluid from January whatever happens in talks on a future free trade deal, the EU’s financial services chief designate said on Friday.

“Under all circumstances, deal or no deal, trading in financial services will be different and less fluid as of the first of January next year,” Mairead McGuinness told the European Parliament.

“We need to be avoid being overly dependent on a third country for key financial services,” she said in a confirmation hearing on her appointment as financial services commissioner.

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