The financial services agreement with the European Union has been hailed as an “important turning point”, according to Jeremy Hunt.
The Chancellor signed the Memorandum of Understanding (MoU), which he will see greater cooperation between EU officials and the Ministry of Finance.
EU Financial Services Commissioner Mairead McGuinness also agreed to the deal in Brussels this afternoon.
Hunt said he was “absolutely delighted” after the key agreement was signed.
The Chancellor signed the Memorandum of Understanding (MoU) which will strengthen cooperation between EU officials and the Treasury
Reuters
He said it was “not the end of a process, but the beginning” and that the collaboration would “make a real and tangible difference” to both the UK and the EU.
Hunt explained that the MoU will help support the UK and London’s role as the world’s financial services hub.
The new agreement will allow officials to discuss regulatory changes, international developments and risks to financial markets.
McGuinness said it was “fair to say we’ve turned a page” in the relationship.
She said: “This has allowed us to move forward in a spirit of partnership based on trust, cooperation and delivering benefits to people on both sides.
“This memorandum of understanding that we have just signed is one example of the benefits of partnership.”
EU officials stressed that the memorandum would not restore access to the single market or pre-empt equivalence decisions where one country recognizes the other’s provisions.
The finance ministry added that the memorandum would allow the countries to “coordinate their positions, where appropriate, on issues ahead of the G-7, G-20 and other international meetings”.
Hunt said he was “absolutely delighted” after the key agreement was signed
Chancellor of the Exchequer Andrew Griffiths said it was “an important day in the history of UK-EU relations”.
Griffiths said: “2023 is shaping up to be a landmark year for financial services at home and abroad.
“Jeremy Hunt has signed the long-awaited Memorandum of Understanding on Regulatory Cooperation in Financial Services – making it easier for firms to do business with our continental counterparts.”