EU considering stopgap measure for UK financial services post Brexit, says diplomat

[BRUSSELS] European Union assessments of whether to grant market access for banks and other financial firms from Britain will not be completed in time for January and stop-gap measures are being considered, an EU diplomat said on Thursday.

Britain's unfettered access to the EU under transition arrangements ends on Dec 31, leaving the City of London faced with being cut off from its biggest export customer.

The EU assessments are being made by the European Commission, which declined to comment, under the bloc's system of direct financial market access known as equivalence.

REUTERS