Britain and the European Union signed a long-delayed post-Brexit cooperation pact in financial services, but the rapprochement is unlikely to restore EU access for the City of London anytime soon.
The memorandum of understanding on regulatory cooperation was part of Britain’s deal in exiting the European Union but put on ice amid clashes with Brussels over trading arrangements in Northern Ireland, since resolved by the Windsor agreement.
“I think it’s fair to say we have turned a page in our relationship based on the Windsor Framework,” EU financial services chief Mairead McGuinness told a press conference where she and UK finance minister Jeremy Hunt signed the MoU, as cited by Reuters.
The first meeting of the new regulatory forum is due in the autumn, allowing both sides to discuss regulatory changes, international developments or risks to markets, she said.