Brussels’ reluctance to grant financial market access leaves Government poised to rip up rulebook to boost London’s trading status
However, senior figures in Brussels are suspected of seeking to stall the equivalence process in a bid to steal business from London or extract concessions in other areas.
One Whitehall source said that a bare-bones deal on finance has now been priced in, and ministers believe that the City is fully prepared for it.
The source said: “The situation was always going to be that we weren’t locked into their evolving rulebook. It was always going to be thin.”
While a number of significant reforms are likely,…
