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Be creative in keeping City of London competitive, UK government tells Bank of England - Metro US

Be creative in keeping City of London competitive, UK government tells Bank of England

FILE PHOTO: FILE PHOTO: Canary Wharf stands in London

LONDON (Reuters) – Brexit is opening a new chapter for Britain to think “creatively” about keeping the UK an attractive location for international financial services companies, Britain’s finance minister Rishi Sunak told the Bank of England.

Britain left the EU’s single market on Dec. 31 and its trade deal with the bloc does not cover cross-border financial services.

“This will present new opportunities for both the government and regulators to think creatively to ensure that the financial system supports the recovery from coronavirus, while ensuring the UK remains an attractive domicile for internationally active financial institutions,” Sunak said in a letter to the BoE’s Financial Policy Committee.

(Reporting by Huw Jones; Editing by Toby Chopra)

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