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City lobby group abandons Brexit passporting fight

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Financial services lobby group TheCityUK has abandoned its fight for passporting, arguing instead that it wants an “equivalence” regime from the UK’s Brexit negotiations.

Previously TheCityUK had been seeking to remain part of the single market or at least retain passporting for financial services, but the Government has been clear that securing control of borders will be its priority in negotiations with the European Union, the Financial Times reports.

Equivalence allows companies with the required regulatory standards to trade across borders, but it can be withdrawn at a month’s notice and does not include all aspects of financial services, with primary insurance and parts of commercial banking not yet covered.

TheCityUK has also argued the UK should fight to keep euro clearing houses in London, for access to skilled labour and a lengthy transition period.

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Value remains within European equities

By Rob Burnett, Neptune European Opportunities Fund

In recent months, investors have become more pessimistic about both the European and the US economic outlook and yet stockmarkets have pushed on to new highs. Some would argue that this is a worrying divergence. We would take the opposite view. This appears to be classic bull market behaviour. A wall of worry has been rebuilt, and stockmarket resilience should be taken as a sign of strength. The market is discounting an improving economic outlook ahead, particularly in the south of Europe.

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