trending Market Intelligence /marketintelligence/en/news-insights/trending/M41QKfCF14q2XR9hN4raUQ2 content esgSubNav
In This List

Report: Bad Brexit deal equally damaging to EU economies


Banking Essentials Newsletter: 7th February Edition


Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Report: Bad Brexit deal equally damaging to EU economies

A "badly designed" final Brexit deal would not only damage the economy of the U.K. but also those of the remaining EU member states, The Guardian reported Feb. 1, citing a leaked report from the European Parliament's committee on economic and monetary affairs.

The leaked report, which noted that U.K. financial services constitute 40% of Europe's AUM and 60% of its capital markets business, warned that the European Commission's Brexit negotiators should reach a "workable" deal with the U.K. government to protect the City of London.

The report, dated Dec. 13, 2016, further noted that U.K.-based banks provide more than £1.1 trillion of loans to other member states. "The exclusion of the main European financial center from the internal market could have consequences in terms of jobs and growth in the EU," according to the report.

The U.K. prepares to trigger Article 50 negotiations March 9.