Britain needs 'new paradigm' for financial services trade with EU: HammondLONDON (Reuters) - Britain will need a  new paradigm  to sell financial services to the European Union after Brexit as existing trade deals the EU has with foreign countries do not go far enough, the country s finance minister said on Tuesday. Philip Hammond, widely viewed as the most pro-European of Prime Minister Theresa May s senior colleagues, said in a speech at the annual dinner of finance association CityUK that future trading arrangements with the EU had to be  durable and fair . Britain has yet to start serious trade talks with the EU ahead of its March 2019 departure, as the process is currently bogged down in disagreements over border arrangements between the British province of Northern Ireland and the Irish Republic. May came under pressure on Tuesday from opposition parties and some allies to soften the EU divorce by keeping Britain in the single market and customs union after Brexit, hours after an attempt to break the logjam over the Irish border collapsed. Hammond said he would not comment on the events of last two days concerning Northern Ireland, but added that Britain and the EU had made  good progress  in talks over recent weeks.  I am optimistic that we will achieve sufficient progress at the Council next week, and move on to the next stage of the negotiations,  Hammond said, referring to a scheduled meeting of EU leaders on Dec. 14 and 15. Britain wants to protect its existing trading arrangements with the EU, and the type of deal the EU has struck with other countries in the past is not acceptable, Hammond said.  We must develop a new paradigm for our future trading relationship in financial services,  he said.  No existing trade agreement, nor third-country access to the EU, could support the scale and complexity of reciprocal trade in financial services that exists between the UK and the EU,  he added. Earlier on Tuesday, the Bank of England reiterated its warning that without legislative changes in Britain and the EU, tens of billions of pounds of cross-border insurance contracts risk legal uncertainty after Brexit, and said it was considering if banks needed to hold extra capital. worldnews
britain needs paradigm financial services trade eu hammondlondon reuters britain need new paradigm sell financial services european union brexit existing trade deals eu foreign countries go far enough country finance minister said tuesday philip hammond widely viewed prime minister theresa may senior colleagues said speech annual dinner finance association city future trading arrangements eu durable fair britain yet start serious trade talks eu ahead march departure process currently bogged disagreements border arrangements british province northern ireland irish republic may came pressure tuesday opposition parties allies soften eu divorce keeping britain single market customs union brexit hours attempt break logan irish border collapsed hammond said would comment events last two days concerning northern ireland added britain eu made good progress talks recent weeks i optimistic achieve sufficient progress council next week move next stage negotiations hammond said referring scheduled meeting eu leaders britain wants protect existing trading arrangements eu type deal eu struck countries past acceptable hammond said we must develop new paradigm future trading relationship financial services said no existing trade agreement access eu could support scale complexity reciprocal trade financial services exists uk eu added earlier tuesday bank england reiterated warning without legislative changes britain eu tens billions pounds insurance contracts risk legal uncertainty brexit said considering banks needed hold extra capital worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Britain needs 'new paradigm' for financial services trade with EU: HammondLONDON (Reuters) - Britain will need a  new paradigm  to sell financial services to the European Union after Brexit as existing trade deals the EU has with foreign countries do not go far enough, the country s finance minister said on Tuesday. Philip Hammond, widely viewed as the most pro-European of Prime Minister Theresa May s senior colleagues, said in a speech at the annual dinner of finance association CityUK that future trading arrangements with the EU had to be  durable and fair . Britain has yet to start serious trade talks with the EU ahead of its March 2019 departure, as the process is currently bogged down in disagreements over border arrangements between the British province of Northern Ireland and the Irish Republic. May came under pressure on Tuesday from opposition parties and some allies to soften the EU divorce by keeping Britain in the single market and customs union after Brexit, hours after an attempt to break the logjam over the Irish border collapsed. Hammond said he would not comment on the events of last two days concerning Northern Ireland, but added that Britain and the EU had made  good progress  in talks over recent weeks.  I am optimistic that we will achieve sufficient progress at the Council next week, and move on to the next stage of the negotiations,  Hammond said, referring to a scheduled meeting of EU leaders on Dec. 14 and 15. Britain wants to protect its existing trading arrangements with the EU, and the type of deal the EU has struck with other countries in the past is not acceptable, Hammond said.  We must develop a new paradigm for our future trading relationship in financial services,  he said.  No existing trade agreement, nor third-country access to the EU, could support the scale and complexity of reciprocal trade in financial services that exists between the UK and the EU,  he added. Earlier on Tuesday, the Bank of England reiterated its warning that without legislative changes in Britain and the EU, tens of billions of pounds of cross-border insurance contracts risk legal uncertainty after Brexit, and said it was considering if banks needed to hold extra capital. worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: britain needs paradigm financial services trade eu hammondlondon reuters britain need new paradigm sell financial services european union brexit existing trade deals eu foreign countries go far enough country finance minister said tuesday philip hammond widely viewed prime minister theresa may senior colleagues said speech annual dinner finance association city future trading arrangements eu durable fair britain yet start serious trade talks eu ahead march departure process currently bogged disagreements border arrangements british province northern ireland irish republic may came pressure tuesday opposition parties allies soften eu divorce keeping britain single market customs union brexit hours attempt break logan irish border collapsed hammond said would comment events last two days concerning northern ireland added britain eu made good progress talks recent weeks i optimistic achieve sufficient progress council next week move next stage negotiations hammond said referring scheduled meeting eu leaders britain wants protect existing trading arrangements eu type deal eu struck countries past acceptable hammond said we must develop new paradigm future trading relationship financial services said no existing trade agreement access eu could support scale complexity reciprocal trade financial services exists uk eu added earlier tuesday bank england reiterated warning without legislative changes britain eu tens billions pounds insurance contracts risk legal uncertainty brexit said considering banks needed hold extra capital worldnews