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

Posted On: Jul 12, 2018   |   Posted By: Business Insider

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

WPA Pool/Getty Images
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 NOW WATCH: What happens when you hold in your pee for too long See Also: A rumor that Melania Trump has a body double has been...

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