A financial services agreement with the European Union has been hailed an “important turning point”, according to Jeremy Hunt.<\/p>\n\n\n\n
The Chancellor signed the memorandum of understanding (MoU), which will see\u00a0greater co-operation between officials from the EU and the Treasury.<\/p>\n\n\n\n
EU financial services commissioner Mairead McGuinness also agreed to the deal in Brussels this afternoon.<\/p>\n\n\n\n
Hunt said he was “absolutely delighted” following the signing of the key agreement.<\/p>\n\n\n\n
He said it was “not the end of a process but the beginning” and the co-operation would “make a real and tangible difference” in both the UK and EU.<\/p>\n\n\n\n
Hunt explained that the MoU would help to assist Britain and London’s role as a hub of financial services around the world.<\/p>\n\n\n\n
The new arrangement will allow officials to discuss regulatory changes, international developments and risks to financial markets.<\/p>\n\n\n\n
McGuinness said it was “fair to say we have turned a page” in the relationship.<\/p>\n\n\n\n
She said: “This has allowed us to move forward in a spirit of partnership, based on trust, co-operation and delivering benefits for people on both sides.<\/p>\n\n\n\n
“This MoU we’ve just signed is one example of the benefits of partnership.”<\/p>\n\n\n\n
EU officials have stressed that the memorandum would not regain access to the single market or prejudge decisions on equivalence, where one side recognises the other’s regulations.<\/p>\n\n\n\n
The Treasury added that the memorandum will allow the parties to “coordinate positions where appropriate on issues ahead of G7, G20 and other international meetings”.<\/p>\n\n\n\n
Treasury minister Andrew Griffiths said it was a “momentous day in the history of British and EU relations”.<\/p>\n\n\n\n
Griffiths said: “2023 is proving to be a banner year for financial services at home and abroad.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
A financial services agreement with the European Union has been hailed an “important turning point”, according to Jeremy Hunt. The Chancellor signed the memorandum of understanding (MoU), which will see\u00a0greater … <\/p>\n