Ms McGuinness<\/span> added: “It’s very clear London is a major financial centre, that will not change overnight.<\/p>\n “But it’s also important to acknowledge that its significance was part and parcel of being in the European Union.<\/p>\n “These are realities because of Brexit but I do hope when the memorandum is agreed between us that we will then move to the detail on specifics and I hope we can make progress and cooperate.<\/p>\n We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.<\/p>\n “However, and it’s important to say this, there is no recreating the single market for financial services for the United Kingdom when they have decided to leave the single market.”<\/p>\n Brussels officials have been spooked by Chancellor Rishi Sunak’s plans for the creation of a “Big Bang 2.0” for the City of London.<\/p>\n His strategy, which aims to boost business by cutting red tape, is said to be reminiscent of Margaret Thatcher’s deregulation of the financial markets.<\/p>\n Ms McGuinness expressed concern that Britain could drastically move away from the EU’s rulebook to secure a competitive advantage.<\/p>\n But the eurocrat insisted this doesn’t mean the bloc’s new relationship with the bloc has to be marred in controversy.<\/p>\n She said: “The future hinges on us understanding fully how our partners, the United Kingdom, expect to continue now that Brexit is an absolute reality.<\/p>\n “We have heard words like ‘deregulation’, we know know Brexit was about moving away from what European has done across all sectors, and possibly including the financial sector.<\/p>\n “We are ready to sit down and engage and I think it’s really important that we get the first step right. In a way, what we will be doing with the United Kingdom with this memorandum is similar to our relationship with the United States.”<\/p>\n MUST READ: Spain triggers alarm with promise to ‘regain sovereignty of Gibraltar<\/span><\/span><\/strong><\/p>\n The EU and US have established a “Joint Financial Regulatory Forum” to enhance their cooperation in the sector.<\/p>\n British and Brussels officials are expected to agree a framework for future financial services coordination by the end of March.<\/p>\n But Ms McGuinness insisted that the EU will only sign an agreement to ensure “our financial system is fir for purpose for the future”.<\/p>\n DON’T MISS<\/strong> She added: “We clearly want and desire a relationship with the United Kingdom, we have it already in the last moments of last year, we agreed a cooperation and trade agreement – that’s really positive – but even there are difficulties there because the reality of being a third country has come home to roost.<\/p>\n “On financial services, we’re not moving. We will move in a way which strengthens our regulation. The global economy on finance is a reality, we need to make sure that the regulation of it is fit for purpose.<\/p>\n “You know we do recall the past and light touch regulation in financial services and it did no one any favours.”<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/brexit-news-rishi-sunak-Mairead-McGuinness-1387674.jpg?r=1611323525855\")
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