May threatens financial centre model in Brexit speech

Author: Tom Young | Published: 17 Jan 2017

Market participants have interpreted UK Prime Minister Theresa May’s speech on Britain’s departure from the EU as a threat to pursuing a so-called free market financial centre model if access via equivalence is not granted.

The UK will leave the EU’s single market and instead pursue a 'new and bold’ free trade agreement, according to May in a speech today. The announcement was unsurprising to many London-based financial markets participants, who anticipated the removal of single market membership following the referendum vote in June last year.

May said that she wanted a customs agreement with the EU while rejecting the common external tariff that prevents Britain from negotiating separate trade deals with third countries.



close Register today to read IFLR's global coverage

Get unlimited access to for 7 days*, including the latest regulatory developments in the global financial sector, updated daily.

  • Deal Analysis
  • Expert Opinion
  • Best Practice


*all IFLR's global coverage published in the last 3 months.

Read IFLR's global coverage whenever and wherever you want for 7 days with IFLR mobile app for iPad and iPhone

"The format of the Review has changed over the years; the high quality of its substantive content has not."
Lee C Buchheit, Cleary Gottlieb