Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

UK cautions EU against financial 'self harm' over Brexit

Published 05/28/2020, 10:44 AM
Updated 05/28/2020, 10:45 AM
© Reuters. FILE PHOTO: Michael Gove arrives at Downing Street in London

© Reuters. FILE PHOTO: Michael Gove arrives at Downing Street in London

LONDON (Reuters) - European companies would be the losers if the European Union tried to impose barriers on London financiers, as such firms would be unable to access some of the deepest markets in the world, Cabinet Office Minister Michael Gove said on Thursday.

"There are few places in the world where you have such a deep and broad capital market," Gove told the Brexit committee of the upper house of the British parliament.

"If it were the case that the EU chose deliberately to raise the barrier themselves on access for our fianncial services to their market, the losers would be investors in equities in EU companies who would not be able to get the very best price for any transaction that they wanted.

© Reuters. FILE PHOTO: Michael Gove arrives at Downing Street in London

"It would be another example of potential self harm on the EU's part," Gove said.

Latest comments

Nonsence. It’s not that difficult for the eu to create a new financial hub. I wonder how many eu citizens who work in London would gladly work in Germany of Frans. Erect a building and start hiring I say. The UK has too understand there will be some competition after the split.
If it's so easy, why hasn't the EU already done it?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.