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UK looks to align City regulations with EU in Brexit talks

The UK is set to argue the case for “mutual recognition” of financial services rules in Brexit negotiations with the EU, with Chancellor Philip Hammond tipped to endorse the proposals in a speech next week.

The Brexit plans, which are reportedly backed by the government and the Bank of England, would provide an alternative “equivalence” regime, which applies to third countries and only covers around a third of financial services, the Financial Times reports.

Equivalence would see the UK shadow EU laws and can be withdrawn at any stage with 30 days’ notice.

Mutual recognition would allow divergence as long as both sides adhered to a predetermined set of principles and outcomes, with the UK set to propose that dispute resolution mechanism for divergence from the spirit of the agreement.

EU chief negotiator Michel Barnier has repeatedly said the UK will not be able to carve out special access for specific sectors, including financial services, in its post-Brexit trade deal.

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  1. A duck walks into a bar and says, “Got any grapes?”

    The bartender, somewhat confused, tells the duck no. The duck thanks him and waddles off.

    The next day, the duck returns and asks, “Got any grapes?”

    Again, the bartender tells him, “No — the bar does not serve grapes, has never served grapes and, furthermore, will never serve grapes.” The duck thanks him and waddles off.

    The next day, the duck returns, but before he can say anything, the bartender yells, “Listen, duck! This is a bar! We do not serve grapes! If you ask for grapes again, I will nail your stupid duck beak to the bar!”

    The duck stands and contemplates this for a moment, and then asks, “Got any nails?”

    Confused, the bartender says no.

    “Good!” says the duck. “Got any grapes?”

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