Treasury agrees future UK/Switzerland relationship

Rishi Sunak has confirmed that he and his Swiss counterpart have signed an agreement to develop a deep agreement on financial services once the Treasury acquires its new “equivalence” powers after the end of the Transition Period.  The countries have committed to negotiate an outcomes based mutual recognition agreement which will reduce barriers for cross-border business between the two countries.  The countries will hold their next dialogue in early September, and a statutory instrument will go before Parliament as soon as possible once Treasury acquires the necessary powers.  The accompanying statement refers specifically to insurance, banking, asset management and capital markets, and to a particular focus on wholesale and sophisticated clients.