LONDON Oct 10 Britain will have leverage in
talks with the European Union over so-called "passporting"
rights, which allow financial services to be sold into the EU
states from London, Brexit minister David Davis told parliament
"Actually, we issue more passports than we seek," Davis said
citing figures used by another lawmaker earlier in a
parliamentary debate. "As a result, our negotiating leverage in
this area is at least reasonable."
Warning financial firms against "rashly" pre-empting the
outcome of Britain's EU negotiations by moving staff overseas,
he said the finance ministry had been considering alternative
arrangements to allow the sale of financial services across EU
"The Treasury has already had a roundtable on specifically
this issue and looked very clearly at mutual recognition and
various mechanisms of mutual recognition as a fallback on
passporting," he said.
(Reporting by William James, editing by Elizabeth Piper)