May defends stance on post-Brexit financial services rules

Prime Minister Theresa May defended her decision to rule out so-called ‘passporting’ rights for banks after Brexit, saying Britain could not become a “rule taker” when it came to financial services.

Setting out her thinking in more detail, May said the financial services sector was too important to the British economy for Brussels to retain control of it under the existing‘passporting’ arrangement.

Passporting rules allow EU finance companies to sell their services across the 28-member bloc with a local license, rather than getting a license to operate in each member country where it does business.

“If we were to accept‘passporting’ we’d just be a rule taker, we’d have to abide by the rules that were being set elsewhere,” May said in the interview with the BBC.

“Given the importance of financial stability, of ensuring the City of London, we can’t just take the same rules without any say in them,” May said.

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