Brexit Will Cost London Loss of Euro-Denominated Business, EU MEP Warns

[kreslik.news]

German head of the conservative European People’s Party (EPP) group, Manfred Weber, today said that London should cede euro denominated financial business to EU cities like Amsterdam, Paris or Frankfurt once the UK eventually leaves the European Union.

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Around £440 billion of euro-denominated trade pass through Britain’s clearing houses everyday thanks to so-called ‘passporting’ rules which currently allow them to sell their services freely across the rest of the EU and also give firms based in Europe access to Britain.

Weber’s comments have dampened hopes that London will end up hosting the ... (read more)