BREXIT: Britain, EU strike financial services deal

Vince Cable at an anti Brexit rally outside the Houses of Parliament More

Vince Cable at an anti Brexit rally outside the Houses of Parliament More

After the decision on the bank's main interest rate, which is now at 0.75 percent, Carney will hold a news conference at which Britain's exit from the European Union is likely to loom large.

The opposition Labour Party has all but ruled out supporting any deal May reaches with Brussels, leaving the prime minister reliant on her slender parliamentary majority that comprises her own divided MPs and coalition partners the Democratic Unionist party.

The UK's lead Brexit negotiator, Dominic Raab, has said a divorce deal could be finalized by Nov 21.

A no-deal Brexit would be likely to tip Britain into a recession as long as the downturn that followed the global financial crisis, and investors should no longer ignore this danger, credit ratings agency Standard & Poor's said this week, writes Andy Bruce. Officials in Brussels and London said The Times report was wrong.

BoE governor Mark Carney told journalists at a press conference at the bank's central London headquarters to launch its quarterly inflation report: "UK fiscal policy is shifting from a restrictive to a more accommodative stance". NY is bigger, but more centred on American markets.

The arrangements being discussed fall far short of that.

Under the current system, Brussels can scrap an equivalence designation within 30 days in some cases - a step it has never taken - and Britain has called for a far longer notice period.

Mrs May proposed to keep the entire United Kingdom tied to the EU's Customs Union as a compromise, while Brussels was pressing for Northern Ireland to be subject to Single Market regulations as well.

If the European Union decides that the UK's rules are no longer equivalent, it would give "significantly longer" than the 30 days set out in current deals. In the report published by the Times, a potential deal would see to it that neither side would be able to unilaterally decide that the regulations had fallen out of equivalence and block access to their markets.

Officials working for the EU's chief Brexit negotiator, Michel Barnier, were also upbeat this week, telling ambassadors from the bloc's remaining 27 countries on Wednesday that there was a more positive mood around negotiations.

"The EU support to Ireland has been and remains unwavering".

Under the concessions, the European Union is said to have accepted that regulatory checks on goods be allowed to take place "in market" - effectively meaning that checks can be done in places like factories, rather than at the border between the two countries.

The Financial Times reported on Thursday that the European Union is ready to make a fresh compromise offer on how the backstop should be structured.

Britain on Wednesday said there was no set date for Brexit talks to finish, backtracking from a letter by Brexit Minister, Dominic Raab, that suggested a deal on the terms of its departure could be finalised by November 21.

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