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UK Economics

Passporting deal with Trump’s America may be in the bank for Brexit Britian

Britain may be offered a deal which will give its banks access to the lucrative American market.

Donald Trump and a UK flagGETTY

Britain may be offered a deal which will give its banks access to the lucrative American market


A sticking point in the plan has been the future of centre, with warnings it could lose business to Europe when Britain leaves the EU.At present, British banks have EU passporting rights – which mean all European business can be carried out here without additional regulations.

But the EU has threatened to strip Britain of these rights when it leaves, and some experts fear this could see billions of pounds of finance lost to rival cities such as Paris or Frankfurt.

Sources close to Donald Trump say he wants to offer Britain passporting rights to the US, to promote free financial trade.This would allow British banks to carry out US business, a global market worth hundreds of billions.

The proposal is set to be raised in discussions when Mrs May meets the new President in Washington next month.

Donald TrumpGETTY

Sources close to Donald Trump say he wants to offer Britain passporting rights to the US


“A passporting deal between the US and the UK is likely to be on the list of his top priorities for discussion,” the source said.

There is considerable commonality of view

Jacob Rees-Mogg

“Promoting Anglo-American capitalism is in both their interests.”It is thought the passporting deal could form part of a free trade deal between the two countries, which those close to Mr Trump insist could be signed within 90 days.

LONDON SKYLINEGETTY

A sticking point in the Brexit plan has been the future of London as a global finance centre


Last night Jacob Rees-Mogg, a Conservative member of the House of Commons Treasury select committee, said such an arrangement would be “a relatively straight forward thing to do”.He said: “The US and the UK regulators work extremely closely together and there is considerable commonality of view, probably closer than between the EU and UK regulators.

http://www.express.co.uk/news/uk/757154/Donald-Trump-America-UK-financial-passorting-deal

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