The UK and the European Union signed a long-awaited memorandum of understanding on monetary companies on Tuesday, marking a second of accord amid years of wrangling over post-Brexit co-operation.
Jeremy Hunt permitted the memo with Commissioner Mairead McGuinness in the course of the first go to to Brussels by a UK chancellor in additional than three years. Hunt described the transfer as an “necessary turning level,” saying “we now have shared aims and cooperation is crucial.”
“The UK and EU’s monetary markets are deeply interconnected and constructing a constructive, voluntary relationship is of mutual profit to us each,” Hunt mentioned. The UK’s monetary companies and associated skilled companies sectors have been value £275 billion ($350 billion) in 2022, making up about 12% of the UK financial system, in keeping with the Treasury.
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