To ensure we take a more positive path, this paper sets out a three-pronged New Deal for Financial Services. This New Deal would focus on a bespoke deal for the UK as a “third country” outside of the EU, but one whose forty years of EU membership places it in a fundamentally different position to that of other such third countries. The three elements of the New Deal are:
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Where EU laws already allow for a third country to access EU markets as long as it is deemed to be “equivalent”, then the UK should automatically be considered equivalent as of the first day following the withdrawal from the EU - on the understanding that the equivalence designation will be removed if the UK then pursues a deregulatory policy
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Where EU laws do not currently feature such equivalence arrangements, then such arrangements should be introduced in key areas before the UK leaves - so that cross-border trade in financial services is disrupted as little as possible following the withdrawal
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For all future pieces of financial services regulation, a new EU-UK Financial Markets Regulatory Dialogue should be established, to promote upward convergence and the highest possible regulatory standards in future - eliminating loopholes and arbitrage opportunities, and allowing maximum access between jurisdictions where possible and appropriate.
If everyone undertakes to uphold the values of this New Deal, and seeks to implement it in good faith, then we can achieve the best possible outcome for all sides in the forthcoming negotiations.
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© Anneliese Dodds
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