Financial services to remain ‘national priority’ after Brexit: UK minister

Financial services will remain a “guiding light” for Britain’s economy after Brexit and there is no intention to “rip up the rulebook” to compete better as a top financial centre, a government minister said on Tuesday.

My priority is to ensure that financial services remain a national priority in robust health,” Economic Secretary to the Treasury John Glen told the annual conference of FIA IDX, a derivatives industry trade body.

Britain, the European Union’s biggest financial center, leaves the bloc next March, raising questions about the ability of banks, insurers and asset managers in the United Kingdom to continue serving customers in the EU.

Some pro-Brexit lawmakers say that if Britain does not get a good trade deal with the EU, it should ease banking rules to allow the City of London financial district to keep ahead of the pack.

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