Banks need new UK-EU regulatory process after Brexit, says Hammond

London

BRITISH and European Union (EU) banks need a new system to let them do business with each other after "Brexit" to avoid splitting markets, Britain's finance minister Philip Hammond said on Tuesday.

Britain, the EU's biggest financial market, is leaving the bloc in 2019, raising the prospect of an abrupt cut in cross-border links without a new trade deal. Rival financial centres, including Frankfurt, Paris and Luxembourg, are vying to benefit.