UK financial services partnership with EU affected by Northern Ireland goods

According to colleagues, the breakdown of legal cooperation between the UK and the EU on financial services has become “collateral damage” in the dispute over the Northern Ireland protocol.

House of Lords Committee considers how Brexit attacking the City of London raised concerns on Thursday about the lack of a working framework for UK-EU cooperation.

It found that the UK government had shown reluctance to engage with Brussels, and urged both sides to discuss financial services at the political level.

Lord Kinnoull, also known as Charles Hay, the committee’s chairman, told the Financial Times that efforts to secure the financial services group post-Brexit have been “severely impacted by collateral damage” due to collateral damage. continued disputes over the Northern Ireland trade deal.

British ministers are planning to introduce a law that will scrap parts of the Brexit deal under the Northern Ireland protocol, causing threaten legal action from Brussels.

Or said that the breakdown in cooperation on financial services is “evidence of the problems that come from the failure of the Northern Ireland protocol”. He added: “The settlement of the Northern Ireland protocol will open up a lot of things for the mutual benefit of all.”

The Commission said a Memorandum of Understanding (MoU) on legal cooperation, which has been promised by the two sides but has yet to be signed, is being implemented because of the difficulties in the UK-EU relationship.

The Commission said the Memorandum of Understanding should be a government priority along with “other political and diplomatic engagement with the EU on financial services”.

The report also shows the absence of the EU equivalent decision for financial services reflects a political decision by Brussels, which has brought the UK “to a higher standard than other countries”.

But with this political motive, the Lords committee said it would be “unwise for the government to strategically base its financial services on a process over which it cannot control and now appears to be unable to control.” bring results”.

The Commission found that fewer financial services jobs are moving to the EU as a result of Brexit than some feared. An estimated 7,000 jobs have moved, while cautioning against complacency “because it is not yet clear whether the impact of Brexit on jobs has been fully developed”.

The European Central Bank is conducting a “table mapping” exercise, which is likely to lead the regulator to require more financial services roles to move within the EU from London.

Separately on Thursday, the Treasury Select Committee announced it was forming a subcommittee to scrutinize proposed post-Brexit financial regulations in the UK, replacing the EU’s previous role.

Dan Tri Mel Stride, the committee’s chair, said there would be “a huge amount of regulation to be put into the rule book, so it’s important for parliament to have close oversight”.

He added: “There is a natural tension between being safe and healthy, and regulations mitigated to improve our international competitiveness.

Stride also commented on the Lords report’s conclusions. “There has been a lot of discussion for a long time about equivalence and how to bring London into the EU market after Brexit. He said.

“The loss to Northern Ireland was just another thing that made it more difficult. But it is not the overarching cause of the problem.”

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