The UK Financial Sector and EU Integration after Brexit: The Issue of Passporting
Chapter 5 in 'The Economics of UK-EU Relations: From the Treaty of Rome to the Brexit Vote', edited by N. Campos and F. Coricelli, Palgrave McMillan, London, 2017, p. 119-138.
14 Pages Posted: 4 Oct 2016 Last revised: 11 Dec 2017
Date Written: November 30, 2017
If the UK cannot secure a ‘Norway’ deal and stay within the internal market after Brexit, the UK will lose passporting rights for EU financial services and access to euro clearing and settlement, both of which make London attractive as a financial centre. A substantial part of the UK’s wholesale banking and trading sector may move out.
Keywords: Banking, Insurance, Investment banking, Financial regulation, European Union
JEL Classification: G21, G22, G24, G28
Suggested Citation: Suggested Citation