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“Technically speaking, as a recently departed EU member with all of the same rules, the UK should be able to easily meet the EU’s criteria.”<\/p>\n
Brussels has given no indication as to when it is likely to give a decision on whether the UK’s rules are compatible with the EU’s.<\/p>\n
The UK has already given equivalence status to EU firms in 17 areas.<\/p>\n
Mr Lowe warned the EU27 were unlikely to give broad-reaching access to the continent to British firms and would instead only grant access in specific areas where it was in the interest of Brussels.<\/p>\n
The Centre for European Reform research fellow said: “The EU’s decision will inevitably be influenced by its political desire to onshore more financial activity and build an integrated European capital market on the continent.<\/p>\n
“It is unlikely that it will grant UK-based firms across the board access, and instead will only grant equivalence in the areas deemed to be of ‘systemic importance’ to the EU’s financial markets.”<\/p>\n
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Last week Bank of England Governor Andrew Bailey warned Brussels may try to force the UK to follow EU regulations as a condition of continued access to the continent.<\/p>\n
Urging the Government to walk away from negotiations rather than take such a position he told the Treasury select committee: “I would strongly recommend that we do not become a rule-taker.<\/p>\n
“I think that is a very bad place to end up.”<\/p>\n
He added: “If the price of that is no equivalence, then I’m afraid that will follow.<\/p>\n
DON’T MISS:<\/strong> “That is the wrong outcome for the UK, but if that is where it goes.<\/p>\n “I am strongly opposed to rule-taking.”<\/p>\n Despite the concerns of the EU’s plans to try and shift firms from London, yesterday Chancellor Rishi Sunak said Brexit would “reinforce the UK’s position as a globally pre-eminent financial centre”.<\/p>\n In an interview with City AM he forecast the financial services were set for the “Big Bang 2.0”.<\/p>\n<\/p>\n
Brexit row erupts as No10 hits back at EU blaming UK in visa dispute [UPDATE]<\/strong>
EU preparing to seize on UK finance centre in Brexit punishment [VIDEO]<\/strong>
Brexit ‘not a threat’ to UK economy says Bank of England governor [INSIGHT]<\/strong><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/secondary\/Rishi-Sunak-yesterday-dismissed-concerns-and-said-the-City-would-thrive-thanks-to-Brexit-2847048.jpg?r=1610451202035\")
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