UK signs financial services cooperation agreement with EU
UK chancellor Jeremy Hunt has signed a long-awaited financial services cooperation agreement with European commissioner for financial services, financial stability and capital markets union Mairead McGuinness.
The UK and EU sign financial services cooperation agreement
The news follows Hunt’s visit to Brussels to meet European commissioners, the first visit by a UK chancellor in over three years.
The memorandum of understanding (MoU) aims to establish a “constructive, mutually beneficial relationship” between the UK and the EU in financial services and will help establish an “ongoing forum” to discuss voluntary regulatory cooperation on financial services issues.
Both sides will share information, work together towards meeting joint challenges and coordinate positions where appropriate on issues ahead of G7, G20 and other international meetings.
“The UK and EU’s financial markets are deeply interconnected and building a constructive, voluntary relationship is of mutual benefit to us both,” says Jeremy Hunt, chancellor of the exchequer.
“This agreement with our European partners as sovereign equals builds on our arrangements with the US, Japan and Singapore, helping to support the sector’s role as a global financial services hub.”
