UK Financial sector determined to keep EU passport

Market UpdateEconomics


Britain’s financial sector is working hard to not lose EU passporting after the vote to leave the EU. Lord Mayor of the City of London said on Friday.

“I think we’re determined that we won’t,” lose passporting rights.

The ambassador and UK financial service representative said that it’s clear that we want to stay in a single market, it’s in favor of everybody.

Passporting is one the basic and important thing because it allows banks and other financial sectors to communicate and serve clients in the EU firms.

After the vote to leave EU, Britain have to negotiate on the passporting. If Article 50 is triggered then it has only two years to do that.

Mountevans told that the British pension, life insurance, and other assets management is around $1.1 trillion around the world.

Robert Moore who managed assets of around $130 billion said that “At the margin, you get and will continue to get those who are speculative,”

Moore said. “We’ve seen that in the past week and we’ll continue to see some evidence of that.”