The UK is set to concede a major defeat to the EU in its post-Brexit vision for the City of London

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  • Theresa May steps back from plans for the City of London to have “mutual recognition” with the EU on financial services rules.
  • A new approach, based on the principle of equivalence, will be set out in her much anticipated White Paper.
  • The proposal will effectively be like “cohabiting but without the same commitment as marriage.”

Britain is prepared to have a much more distant relationship with the European Union’s financial services sector after Brexit, and is ready to move away from plans for a system of “mutual recognition,” according to a report from the Financial Times. 

Prime Minister Theresa May has moved on from mutual recognition — which would have meant the UK recognising EU regulations around the financial services industry, and the EU doing the same with the UK, with both sets of rules closely aligned.

See the rest of the story at Business Insider

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Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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