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Theresa May to meet finance bosses to discuss Brexit

Written by Business World, on 10th Jan 2018. Posted in World

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Britain's Prime Minister Theresa May will meet executives from major finance companies on Thursday to give them a clearer idea of what Britain's divorce from the European Union will mean for the industry, two sources familiar with the matter said.

The meeting will take place amid concerns that Brexit is threatening London's status as the financial capital of Europe and that banks are preparing to move thousands of jobs to the continent to preserve their access to the EU's single market.

A spokesman for May was not immediately able to comment.

A stand-off between Britain and the European Union over the future access to the EU of London's vast financial services industry is shaping up to be one of the key Brexit battlegrounds before Britain leaves the bloc in March 2019.

Britain and the EU will soon begin the much harder task of defining their future trading relationship after settling the broad terms of their divorce settlements last month.

EU chief negotiator Michel Barnier has said there will be no special deal for one of Britain's most important industries.

But British officials are confident the EU will be flexible, partly because they say European countries risk damaging their own economies if they are cut off from London's markets. (Reuters)

Source: www.businessworld.ie

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