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Category Archives: Brexit
Automaker warns over UK operations and calls for Brexit trade deal renegotiation – WRAL News
Posted: May 18, 2023 at 1:21 am
LONDON LONDON (AP) The world's fourth-biggest carmaker by sales has warned of a potential existential threat to large parts of the British car industry unless the government moves to alter the terms of its post-Brexit trade deal with the European Union.
In a submission to a parliamentary inquiry into the supply of batteries for electric vehicles released Wednesday, the parent company of Citroen, Fiat, Peugeot and Vauxhall said it may not be able to keep its commitment to manufacture its new fleet of vehicles in the U.K. without changes to the terms of the deal. It also urged the government to invest heavily in domestically produced batteries.
Stellantis said the deal represented a threat" to its export business and the "sustainability" of its manufacturing operations. The company employs around 5,000 people in the U.K. and committed to make electric vehicles in the country two years ago.
The stark warning is likely to pile pressure on the Conservative government to seek changes to the trade deal that came into force at the start of 2021 when the U.K. formally left the economic structures of the EU, including the frictionless single market and customs union. Executives from Stellantis are due to meet with Britain's business secretary, Kemi Badenoch, on Wednesday.
Though the trade deal ensured that tariffs would not be slapped on the export of goods from the U.K. to the EU, an array of often-complex non-tariff barriers has made it more difficult, and often more costly, for British businesses to sell their wares in the 27-nation bloc. Many manufacturers, such as BMW, Ford and Honda, have already scaled back or closed their operations in the U.K. in recent years.
Some of these barriers are being phased in over time. Stellantis said it wanted the current phase-in period to be extended until 2027, a move that would require the trade deal to be revised.
The company said cars made in Britain and exported to the EU face an onerous 10% tariff if the rules of origin aren't met, making them uncompetitive against exports from other major car-producing regions such as Japan and South Korea.
To reinforce the sustainability of our manufacturing plants in the U.K., the U.K. must consider its trading arrangements with Europe, Stellantis said in its submission. We need to reinforce the competitiveness of the U.K. by establishing battery production in the U.K.
Car production in the U.K. remains way below levels before the pandemic at just over 775,000 units in 2022, compared with around 1.3 million in 2019, according to figures from the Society of Motor Manufacturers and Traders.
The trade body's chief executive, Mike Hawes, backed up Stellantis' warning regarding the rules of origin for batteries, which he said pose a significant challenge to manufacturers in the U.K. and in the EU as higher tariffs could diminish the pace at which consumers transition towards electric vehicles.
At a time when every country is accelerating their transition to zero emission transport, and global competitors are offering billions to attract investment in their industries, a pragmatic solution must be found quickly, he said
The leader of the main opposition Labour Party, Keir Starmer, said the post-Brexit trade deal needed revision, but insisted he wasnt calling for the U.K. to rejoin the EU or its frictionless economic arrangements.
That doesnt mean reversing the decision and going back into the EU but the deal weve got, it was said to be oven-ready. It wasn't even half-baked, he told the BBC.
In 2016, the U.K. narrowly voted to leave the EU in a referendum. A general election has to take place by early 2025, with opinion polls suggesting Labour is on course to be the largest party.
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Automaker warns over UK operations and calls for Brexit trade deal renegotiation - WRAL News
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Automobile maker Stellantis warns over U.K. operations and calls for Brexit trade-deal renegotiation – MarketWatch
Posted: at 1:21 am
Published: May 17, 2023 at 8:25 a.m. ET
Stellantis, the worlds fourth-biggest carmaker by sales has warned of a potential existential threat to large parts of the British car industry unless the government moves to alter the terms of its Brexit trade deal with the European Union.
In a submission to a parliamentary inquiry into the supply of batteries for electric vehicles released Wednesday, the parent company of Citron, Fiat, Peugeot and Vauxhall said it may not be able to keep its commitment to manufacture its new fleet of cars in the U.K. without changes to...
Stellantis, the worlds fourth-biggest carmaker by sales has warned of a potential existential threat to large parts of the British car industry unless the government moves to alter the terms of its Brexit trade deal with the European Union.
In a submission to a parliamentary inquiry into the supply of batteries for electric vehicles released Wednesday, the parent company of Citron, Fiat, Peugeot and Vauxhall said it may not be able to keep its commitment to manufacture its new fleet of cars in the U.K. without changes to the terms of the deal.
Stellantis STLA STLAM said the deal represented a threat to its export business and the sustainability of its manufacturing operations. The company employs around 5,000 people in the U.K. and committed to make electric vehicles in the country two years ago.
The stark warning is likely to pile pressure on the Conservative government to seek changes to the trade deal that came into force at the start of 2021 when the U.K. formally left the economic structures of the EU, including the frictionless single market and customs union.
Executives from Stellantis are due to meet with Britains business secretary, Kemi Badenoch, on Wednesday.
Though the trade deal ensured that tariffs would not be slapped on the export of goods from the U.K. to the EU, an array of often-complex non-tariff barriers has made it more difficult, and often more costly, for British businesses to sell their wares in the 27-nation bloc. Some of these barriers are being phased in over time.
As a result, Stellantis said it wanted the current phase-in period for the requirement to be extended until 2027, a move that would require the trade deal to be revised.
The company said cars made in Britain and exported to the EU faced an onerous effective 10% tariff, making them uncompetitive against exports from other major car-producing regions such as Japan and South Korea.
To reinforce the sustainability of our manufacturing plants in the U.K., the U.K. must consider its trading arrangements with Europe, Stellantis said in its submission. We need to reinforce the competitiveness of the U.K. by establishing battery production in the U.K.
The leader of the main opposition Labour Party, Keir Starmer, said the post-Brexit trade deal needed revision, but insisted he wasnt calling for the U.K. to rejoin the EU or its frictionless economic arrangements.
That doesnt mean reversing the decision and going back into the EU but the deal weve got, it was said to be oven-ready. It wasnt even half-baked, he told the BBC.
In 2016, the U.K. narrowly voted to leave the EU in a referendum. A general election has to take place by early 2025, with opinion polls suggesting Labour is on course to be the largest party in Parliament.
Read on: Teslas decision to start advertising may be viewed as a negative, but its time for company to clarify selling points public is not aware of, analyst says
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‘For god’s sake’: Alastair Campbell in angry Newsnight exchange over Brexit ‘lies’ – The Independent
Posted: at 1:21 am
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Labours ex-press secretary Alastair Campbell accused a BBC presenter of allowing Brexiteers to talk utter rubbish in an angry exchange on Newsnight.
Mr Campbell was in turn accused of bullying, intimidation and thinly veiled misogyny by Alex Phillips, a former Brexit MEP with whom he appeared on the programme on Thursday.
The former spin doctor has since apologised to presenter Victoria Derbyshire after the terse exchanges were shared online and viewed by more than 4 million people.
Alastair Campell and Alex Phillips fought over which side told worse lies
(BBC)
The fiery debate about the current state of Brexit and its impact on the UK began to break down when the pair rowed over the enactment of EU laws.
Mr Campbell accused Ms Phillips of talking such rubbish when you come on these programmes, to which she replied that is just unnecessarily rude. Well, its true, he retorted.
Ms Phillips went on to argue that the current government did not have the courage or the conviction to see Brexit through and that Rishi Sunak should be seizing the opportunity to take control.
Mr Campbell replied: Will any of these people who fought so hard for Brexit ever face up to their own responsibility and face the fact that what they all promised was a pack of lies.
Directing his comments to his opponent, he continued: All your lies about taking back control, more money for the NHS, sovereignty, immigration, all the rest of it - you fall on every single one.
The former spin doctor accused Brexiteers of lies
(BBC)
Ms Phillips replied: I knew you were going to come up with the money for the NHS. Nothing to do with me, not my campaign.
Its very rich from the man who essentially was part of telling lies to invade a country to accuse me of dishonesty, referring to the Iraq war and the infamous dodgy dossier that made the case for it.
I think you may have lost the argument there, my dear, Mr Campbell said, if I may patronise you even more.
As Ms Derbyshire tried to intervene, he told her: Im sorry, you bring these people on you never challenge them. You let them talk utter rubbish about Brexit.
And it has happened on theBBCfor year after year after year.
Ms Phillips claimed she came off air shaking
(Alex Phillips)
Bringing the row to a close, the presenter said: I am not going to take that from you, with respect, Mr Campbell.
As the camera panned away, Mr Campbell huffed for gods sake and stretched an arm out onto the table in front of Ms Phillips.
Victoria Derbyshire looked shocked as Mr Campbell laid into the BBC - he later apologised
(BBC)
Tweeting about the encounter later, Ms Phillips, now an adviser to the Reform Party, claimed she came off air shaking at Mr Campbells rudeness.
Ms Phillips described his actions were quite frightening and claimed the hairs on her neck stood up.
Mr Campbell later responded on Twitter: Accepted it was not exactly disagreeing agreeably but I think every now and then people who are given a free ride to talk absolute nonsense and face no responsibility for their role in damage to the nation are challenged.
He later tweeted that he had apologised to Ms Derbyshire, adding that she was one of the best.
It is infuriating to seek to debate serious issues with people who despite all the damage their beloved Brexit has done continue to talk absolute rubbish, he added.
Ex-Brexit Party leader Nigel Farage waded into the row on Twitter, branding Mr Campbell a thug and a bully and said he should never be allowed on the BBC again.
Is that why you asked me to co-present a show with you on GBeebies? Mr Campbell retorted.
Originally posted here:
'For god's sake': Alastair Campbell in angry Newsnight exchange over Brexit 'lies' - The Independent
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Noel Gallagher says Brexit is a ‘disaster’ and young people are not being offered hope – The Big Issue
Posted: at 1:21 am
Noel Gallagher has raged against the current state of the UK in a brand new interview, revealing his concerns for a younger generation growing up in the shadow ofBrexitand years of Tory government.
Speaking exclusively to The Big Issues Jane Graham for the iconicLetter to my Younger Selffeature, theOasisand High Flying Birds singer-songwriter reflected on his childhood inManchester and argued that his pioneeringBritpopband wouldnt exist in the current social and political climate.
A subscription to Big Issue magazine means you can support some of the UK's most marginalised people and get a great read every week for a special one-off price of 6 for the first month.
In the outskirts of Manchester, where I was born, everything is boarded up, said Gallagher. I feel sorry for young people growing up in this country now, Brexit has been a fucking absolute unmitigated disaster.
And it will be a living nightmare until some politician has the balls to put a referendum in a manifesto and run on it and go back into the EU. Nothing works in this country anymore. Politics doesnt work. Social Services doesnt work.
Politics has come to a fucking dead end. I dont understand what any of them stand for any more. The Tories are going to run this country into the ground and then pass it over to Labour and say fucking good luck with that.
There is another big issue Noel Gallagher is concerned with: Theres no fucking eggs in the supermarket, he said.
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Does Ukraine have Brexit to thank for Western support? – UnHerd
Posted: at 1:21 am
Debate
11:30
by Peter Franklin
Streets in Ukraine were named after Boris Johnson, not Emmanuel Macron. Credit: Getty
Ukraine: was it Brexit wot won it? Thats the suggestion made by Jacob Rees-Mogg in a weekend interview with Sky News:
- Jacob Rees-Mogg
Cue scorn from British Remainers: Insulting to the heroism of the Ukrainian armed forces, thundered Gavin Barwell. The Brexit fantasy has no limits, spluttered Will Hutton. What a balloon, guffawed Chris Daw.
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It has to be said that Rees-Moggs case is overstated. For a start, the highest honourdoes indeed belong to the Ukrainian people (though I dont think he would deny that). Next, we should thank the Russian military command for their sheer ineptitude. And, of course, theres no ignoring the military support provided by the United States of America, which greatly exceeds that of any other nation.
It is then and only then that we can assess the European contribution including that of the United Kingdom.
In this regard, Britain stands head and shoulders above France and Germany. When our Ministry of Defence was working round the clock to get weapons to Ukraine, the Germans were still blocking vital shipments. The French, meanwhile, were still negotiating with Putin long after the Brits had seen through his smokescreen.
Nevertheless, to substantiate Rees-Moggs hypothesis wed have to show that British leadership was what stiffened French and German backbones and, more importantly, what ensured Americas continuing involvement. But, of course, well never know what would have happened had the EUs appeasers gone unshamed.
The other plank of the Rees-Mogg argument is that, without Brexit, Britain would have been prevented from taking the stand that it did. In particular, he argues that, stuck in the EU, wed have been bound by the principle of sincere cooperation. This is a reference to Article 4 of the Treaty on European Union, which states that pursuant to the principle of sincere cooperation, the Union and the Member States shall, in full mutual respect, assist each other in carrying out tasks which flow from the Treaties.
This is one of those pieces of EU big-talk that simultaneously mean everything and nothing. Though it applies to the EUs common foreign and security policy, it could not have been used to force the UK to toe the EU line at least not without a new treaty.
However, it could have been used by a Europhile UK government as an excuse for German-style passivity. Then again, theres no way of telling who would have been prime minister in 2022 had we voted Remain in 2016. Both Rees-Mogg and his outraged Remainer critics are arguing over a counterfactual.
So lets concentrate on what we do know which is that when European values came under brutal attack in Eastern Europe, the country in Western Europe that leapt to their defence was Brexit Britain. As Ukraines shattered cities are rebuilt, they are naming streets after Boris Johnson, not Angela Merkel, Olaf Scholz or Emmanuel Macron.
For British Remainers this is simply too much to contemplate. They should therefore thank Jacob Rees-Mogg for providing a distraction.
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Does Ukraine have Brexit to thank for Western support? - UnHerd
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Noel Gallagher calls Brexit a "fucking absolute unmitigated disaster" in new interview – NME
Posted: at 1:21 am
Noel Gallagher has called Brexit a fucking absolute unmitigated disaster in a new interview.
Back in 2019, Gallagher received criticism after calling out those who wanted the result of the EU Referendum overturned. Speaking toThe Manchester Evening News,Gallagher said: Theres only one fucking thing worse that a fool who voted for Brexit. Thats the rise of the c**** trying to get the vote overturned.
Gallagher said people who take part in the democratic process should support the result of the referendum, even if they disagree with it,something hed also said previously. He reiterated that he didnt vote in the elections but that even though he doesnt support the outcome, he thinks people should stand by it.
Now, in a new interview with The Big Issue, Gallagher said Brexit was a living nightmare and detrimental for young people.
Gallagher explained: In the outskirts of Manchester, where I was born, everything is boarded up. I feel sorry for young people growing up in this country now, Brexit has been a fucking absolute unmitigated disaster.
And it will be a living nightmare until some politician has the balls to put a referendum in a manifesto and run on it and go back into the EU. Nothing works in this country anymore. Politics doesnt work. Social Services doesnt work.
He continued: Politics has come to a fucking dead end. I dont understand what any of them stand for any more. The Tories are going to run this country into the ground and then pass it over to Labour and say fucking good luck with that.
Noel Gallagher attends the Moonage Daydream London Premiere at BFI IMAX Waterloo on September 5, 2022 in London, England CREDIT: Dave J Hogan/Getty Images
He also went on to say how concerned he was for young working class musicians coming through now as they struggle with the cost-of-living crisis, as well as affording to pay for instruments and rehearsal rooms.
No ones come along to speak for them about their lives and their culture and where theyre going next, he continued.
Gallagher addressed the backlash he received for his original comments about the referendum back in 2019 in an interview with The Guardian.People started calling me a Nazi! he said. I thought: Really? A member of the Third Reich?
He went on: Look, I think its ridiculous that were leaving. None of us were even qualified to vote. You ask a guy above a chippy in Bradford if we should leave Europe. Yeah! But I still think if theres a second referendum, as a nation, well never recover. We have to come out because, no matter how ill-informed people were, youre saying to them their vote doesnt count. And its symptomatic of shutting peoples opinions down.
At the time, Gallagher said he remained optimistic about the future, despite the outcome of the EU Referendum saying well be all right.
Gallagher is currently gearing up to release a new album,Council Skies, with theHigh Flying Birds. Set to drop on June 2, it features the singles Council Skies, Dead To The World,Easy NowandPretty Boy.
Yesterday, Gallagherconfirmed that there will be a reissue ofOasis Definitely Maybealbum coming in 2024, though once again shut down the idea of there being a reunion tour taking place any time soon.
There wont be a tour, he said. We wont come back to play them together.
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Noel Gallagher calls Brexit a "fucking absolute unmitigated disaster" in new interview - NME
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Workington MP disagrees with Nigel Farage on ‘Brexit failure’ verdict | News and Star – News & Star
Posted: at 1:21 am
Mr Jenkinson said that although the former UKIP leader deserves some creditfor his involvement in getting Brexit done, the broadcaster is now 'trying to make himself relevant' with claims of Brexit failure.
Mr Farage appeared on Newsnight earlier this week to saythat the country had 'not actually benefited from Brexit economically', blaming what he said was a failureon 'useless' Tory politicians 'mismanaging' the departure from the European Union.
But Mr Jenkinson said that the country continues to see 'the daily benefits' of leaving the European Union.
"The government continues on its ambitious path of post-Brexit regulatory reform and delivering trade deals around the world," he said.
When asked what the benefits were, Mr Jenkinson said: "All of the trade deals we have signed we couldn't have signed when we were in the European Union, every single one of them.
"We wouldn't have been able to join the CTTP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), we wouldn't have been able to be as quick off the blocks in supporting Ukraine, we wouldn't have had the vaccine roll out if we were still part of the European Medicines Agency.
"We are starting on a path of regulatory divergence that doesn't happen overnight, our trade with the EU is at its highest level ever and trade with the rest of the world continues to grow."
Mr Jenkinson said that although the former politician was 'owed a debt of gratitude' for Brexit, the now broadcaster is trying to make himself relevant.
"Nigel Farage continues to try and make himself relevant," he said.
"I think he is owed a debt of gratitude for his efforts in forcing Cameron's government to hold the referendum and ultimately leave the European Union, but I am afraid that wanting to unwind 50 years of European membership overnight is neither possible or in many cases in the best interests of the UK."
When asked whether he believed people in the Workington constituency still supported Brexit, Mr Jenkinson said: "Absolutely, there are a large number of them want to go faster without a doubt, but I see absolutely no evidence of people in any number changing their mind."
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Workington MP disagrees with Nigel Farage on 'Brexit failure' verdict | News and Star - News & Star
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Automaker warns over UK operations and calls for Brexit trade deal renegotiation – ABC News
Posted: at 1:21 am
The worlds fourth-biggest carmaker by sales has warned of a potential existential threat to large parts of the British car industry unless the government moves to alter the terms of its post-Brexit trade deal with the European Union
By
PAN PYLAS Associated Press
May 17, 2023, 7:04 AM ET
4 min read
LONDON -- The world's fourth-biggest carmaker by sales has warned of a potential existential threat to large parts of the British car industry unless the government moves to alter the terms of its post-Brexit trade deal with the European Union.
In a submission to a parliamentary inquiry into the supply of batteries for electric vehicles released Wednesday, the parent company of Citroen, Fiat, Peugeot and Vauxhall said it may not be able to keep its commitment to manufacture its new fleet of vehicles in the U.K. without changes to the terms of the deal. It also urged the government to invest heavily in domestically produced batteries.
Stellantis said the deal represented a threat" to its export business and the "sustainability" of its manufacturing operations. The company employs around 5,000 people in the U.K. and committed to make electric vehicles in the country two years ago.
The stark warning is likely to pile pressure on the Conservative government to seek changes to the trade deal that came into force at the start of 2021 when the U.K. formally left the economic structures of the EU, including the frictionless single market and customs union. Executives from Stellantis are due to meet with Britain's business secretary, Kemi Badenoch, on Wednesday.
Though the trade deal ensured that tariffs would not be slapped on the export of goods from the U.K. to the EU, an array of often-complex non-tariff barriers has made it more difficult, and often more costly, for British businesses to sell their wares in the 27-nation bloc. Many manufacturers, such as BMW, Ford and Honda, have already scaled back or closed their operations in the U.K. in recent years.
Some of these barriers are being phased in over time. Stellantis said it wanted the current phase-in period to be extended until 2027, a move that would require the trade deal to be revised.
The company said cars made in Britain and exported to the EU face an onerous 10% tariff if the rules of origin aren't met, making them uncompetitive against exports from other major car-producing regions such as Japan and South Korea.
To reinforce the sustainability of our manufacturing plants in the U.K., the U.K. must consider its trading arrangements with Europe, Stellantis said in its submission. We need to reinforce the competitiveness of the U.K. by establishing battery production in the U.K.
Car production in the U.K. remains way below levels before the pandemic at just over 775,000 units in 2022, compared with around 1.3 million in 2019, according to figures from the Society of Motor Manufacturers and Traders.
The trade body's chief executive, Mike Hawes, backed up Stellantis' warning regarding the rules of origin for batteries, which he said pose a significant challenge to manufacturers in the U.K. and in the EU as higher tariffs could diminish the pace at which consumers transition towards electric vehicles.
At a time when every country is accelerating their transition to zero emission transport, and global competitors are offering billions to attract investment in their industries, a pragmatic solution must be found quickly, he said
The leader of the main opposition Labour Party, Keir Starmer, said the post-Brexit trade deal needed revision, but insisted he wasnt calling for the U.K. to rejoin the EU or its frictionless economic arrangements.
That doesnt mean reversing the decision and going back into the EU but the deal weve got, it was said to be oven-ready. It wasn't even half-baked, he told the BBC.
In 2016, the U.K. narrowly voted to leave the EU in a referendum. A general election has to take place by early 2025, with opinion polls suggesting Labour is on course to be the largest party.
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Automaker warns over UK operations and calls for Brexit trade deal renegotiation - ABC News
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Brexit to the fore again in Northern Ireland local elections – Reuters.com
Posted: at 1:21 am
BELFAST, May 17 (Reuters) - Northern Ireland holds elections to local councils on Thursday that the Democratic Unionist Party (DUP) is pitching as an opportunity to bolster its call for further concessions from Britain on a revised post-Brexit trade deal.
The DUP says it will not drop a 15-month boycott of Northern Ireland's power-sharing government unless London introduces laws to protect Northern Ireland's ability to trade freely with the rest of the UK and offers greater flexibility around a deal struck with the European Union in February to ease trade checks.
With polls suggesting the party may fall into second place behind Irish nationalists Sinn Fein - as it did in elections to the devolved assembly last year - the DUP wants to avoid losing too many votes to other unionist parties and the fast-growing cross-community Alliance Party.
"Unionists have a clear choice. They can strengthen our position as we seek to finish the job of restoring Northern Ireland's place in the United Kingdom or unionism can divide and splinter," DUP leader Jeffrey Donaldson told supporters last week.
Counting begins on Friday and is likely to continue into Saturday.
The leaders of Britain, Ireland and most recently U.S President Joe Biden have all urged the DUP to restore power-sharing - a key part of a 1998 peace deal that mostly ended three decades of sectarian conflict.
London has said it will introduce laws to protect unfettered Northern Ireland/British trade, but it is unclear what exactly is needed to satisfy the DUP and whether the legislation will be compatible with the revised EU/UK Northern Ireland trade deal.
The DUP will view a solid election outing as a "continuing mandate" for its boycott, said Jon Tonge, professor of politics at the University of Liverpool, while a splintering of the vote benefiting the small, more hardline Traditional Unionist Voice (TUV) would only serve to harden the DUP's stance.
"I'm not expecting a big rainbow to appear after the election. What's more likely than not is that this will be a display of unionist resolve which, in the short term at least, will actually make things worse," he said.
"It is a case that this is another hurdle to get over, something almost to be endured."
Reporting by Amanda Ferguson, writing by Padraic Halpin; Editing by Sharon Singleton
Our Standards: The Thomson Reuters Trust Principles.
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Brexit to the fore again in Northern Ireland local elections - Reuters.com
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EU pushes forward with post-Brexit forum for EU, UK financial … – KFGO
Posted: at 1:21 am
By Huw Jones
LONDON (Reuters) -The European Unions executive body said on Wednesday it has formally adopted a draft memorandum of understanding (MoU) to allow financial regulators from Britain and the bloc to cooperate more closely, though stopping short of market access.
Britains EU exit largely severed its financial sectors previously unfettered access to the bloc, raising concerns over Londons role as a global financial centre.
As part of Brexit terms, the EU agreed to formalise cooperation between financial watchdogs. However, that was put on hold Brussels following disagreements between the bloc and Britain over Northern Ireland, now resolved through the Windsor Framework.
The European Commission said on Wednesday is has adopted the draft MoU, though it still needs final political endorsement from EU states.
I am confident that our relationship and future engagement in financial services will be built on a shared commitment to preserve financial stability, market integrity, and the protection of consumers and investors, Mairead McGuinness, the EUs financial services commissioner, said in a statement.
The MoU will create a joint EU-UK Financial Regulatory Forum, similar to one the EU already has with the United States.
The MoU does not deal with the access of UK-based firms to the Single Market or EU firms access to the UK market nor does it prejudge the adoption of equivalence decisions, the Commission said.
Joanna Penn, treasury minister in the UK parliaments upper house, welcomed the positive move given how EU and UK financial markets are deeply interconnected.
The Treasury stands ready to sign the MoU and we do look forward to operationalising the forum as soon as possible this year, Penn told a debate on EU-UK financial services.
Treasury ministers will meet with McGuinness next week, Penn added.
The EU has granted equivalence or EU market access to derivatives clearing houses in London until the end of June 2025.
In the meantime, the bloc has proposed a draft law to force banks and asset managers in the EU to shift a yet-to-be-decided chunk of their clearing home from London, though industry officials expect equivalence to be extended in some form after June 2025.
(Reporting by Huw Jones; Editing by Paul Simao, Kirsten Donovan)
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