Boris Johnson has admitted that the Brexit trade deal failed to meet his ambitions on financial services, as Brussels signalled that the City of London must wait until after January 1 to learn what market access it will have in future.
The Johnson government intends to set out its plans for how to use Britain’s new regulatory freedom to diverge from the bloc’s rules — including on financial services — but has yet to provide details. The two sides’ new trading relationship will take effect on January 1, assuming the treaty is passed by the UK parliament next week and EU approval processes proceed smoothly.
Mr Johnson told the Sunday Telegraph that the 1,200 page treaty “perhaps does not go as far as we would like” on financial services. But the prime minister added there were provisions for some parts of the services sector, including “access for solicitors, barristers” and a “good deal for digital”.