UK lawmakers: EU financial market access may not be worth it – Reuters

The access European Union’s (EU) financial services market may not do any good to the City of London as it would mean sacrificing its autonomy, Reuters notes, citing a report by Britain’s upper house of parliament.

Key takeaways from the report

“We agree that broad positive equivalence determinations would best meet the needs of practitioners in both the UK and the EU, but recognize that in many areas the EU is unlikely to grant these without the UK sacrificing more decision-making autonomy than equivalence is worth.”

“The new cooperation forum was a start.”

Market reaction

The above report has little to no impact on the pound, as GBP/USD remains undermined by a broadly stronger US dollar and downbeat UK CPI readings.

The spot sheds 0.44% on the day to trade at 1.3693, as the press time.