Brexit news: EU demands key British industry follow EU rules
European Commission vice-president Valdis Dombrovskis insisted future access will depend on a system of “equivalence” where EU officials can use “unilateral and discretionary” powers to judge the UK’s regulatory standards.
The UK has voiced its desire to sign an ambitious entirely bespoke financial services deal as part of their post-Brexit relationship with Brussels.
However, Mr Dombrovskis’ comments can be seen as Brussels dampening the UK’s ambitions by telling an audience in London the UK’s financial markets would have to closely follow EU rules.
The Commissioner in charge of financial stability across the bloc warned companies in the UK and remaining EU27 member states “should prepare for all scenarios” as the “risks and uncertainty” still remain surrounding Brexit.