March 7, 2018 / 11:28 AM / 13 days ago

UPDATE 1-EU to propose limited market access for British-based banks - Bloomberg

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LONDON, March 7 (Reuters) - The European Union plans to offer British-based financial services companies only limited access to the Single Market after Brexit, according to a draft document quoted by Bloomberg.

The EU would start working towards an arrangement for Britain that was similar to its trade deal with Canada, the draft guidelines said, according to Bloomberg.

The proposals would leave London’s vast financial services, including banks, funds and insurers with limited ability to sell many of their services to European companies.

EU officials are dismissive of any trade models that would see Britain retain similar levels of market access while leaving the single market regime.

Bloomberg said any possible free trade deal with Britain could include services but with severe restrictions. It said services could be provided under “host state rules”, including the right of establishment for providers. (Reporting by Kate Holton and Andrew MacAskill; editing by Guy Faulconbridge)

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