On 14 November 2017, David Davis, Secretary of State for Exiting the European Union, gave a speech on the post-Brexit relationship between the UK and the EU relating to the financial services sector.
In his speech, Mr Davis focussed on the Government’s approach to its negotiations to leave the EU and what it is doing to help ensure that the City of London maintains its position as the world’s leading financial centre throughout the process.
Mr Davis commented that “when we leave the European Union in March 2019, we will not be leaving Europe. We want our exit to mark the start of a new partnership with our closest neighbours and trading allies”.
He further commented that although the relationship between the UK and the EU must change after Brexit; “we cannot lose sight over what we already have”.
Over the past 10 years, the UK and the other EU members have worked closely together to maximise the benefits of globalisation in financial services. He believes that the relationship between the UK and the EU after Brexit should achieve three things:
- it must protect financial stability;
- it must ensure consumer protection; and
- it must support the open and stable cooperative system which has been built since 2008 for cross-border financial services.