UK TO WORK MORE CLOSELY WITH EU ON FINANCIAL SERVICES

The UK has signed a pact with the EU to increase co-operation on financial services. It will set up a forum where the EU and UK can meet twice a year to discuss financial regulation and standards. The long-awaited move is being seen as a sign the UK is willing to work more closely with the EU. Chancellor Jeremy Hunt said building a constructive relationship was of mutual benefit, as the UK and EU financial markets were “deeply interconnected”. The memorandum of understanding that is being signed was first outlined in the UK-EU Trade and Co-operation Agreement, in the wake of the UK losing unfettered access to EU markets under Brexit. The text was published last month, and the memorandum itself amounts to a list of broad shared objectives. Spokesperson for the European Commission, Daniel Ferrie said the move would “set up a forum to facilitate dialogue”.

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