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‘UK will do things differently’: Rishi Sunak says Brexit deal will see changes in financial world

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Suban Abdulla
·3 min read
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Chancellor of the Exchequer Rishi Sunak leaves 11 Downing Street, London, ahead of delivering his one-year Spending Review in the House of Commons. (Photo by Yui Mok/PA Images via Getty Images)
Chancellor of the Exchequer Rishi Sunak. Photo: Yui Mok/PA Images via Getty Images

UK chancellor Rishi Sunak has said that the Brexit agreement between Britain and the European Union will see changes in the financial world, and allow the country to “do things differently.”

It comes as prime minister Boris Johnson conceded that his trade deal with the EU may fall short of his desires for the sector.

Sunak has vowed on Sunday to make the City of London “the most attractive place” to list new firms.

There is not much detail yet on financial services and the trade treaty brokered with Brussels on Thursday provides little information on EU market access — which must still be negotiated for British-based companies in specific deals.

“But this deal also provides reassurance because there’s a stable, regulatory co-operative framework mentioned in the deal which I think will give people that reassurance that we will remain in close dialogue with our European partners,” Sunak said.

Speaking for the first time since he announced the Brexit deal on Thursday, Johnson said that the trade agreement secures “access for solicitors, barristers” and a “good deal” for digital.

Johnson hinted at a potential overhaul of the tax and regulatory system for businesses. He said that Sunak was now conducting a “big exercise on all of this,” suggesting changes could come as early as the Budget in March.

READ MORE: UK and European Union strike historic Brexit trade deal

However, Johnson did admit that the deal doesn’t “perhaps go as far as we would like” on financial services.

Banks, insurers and other financial firms based in the UK will not be granted automatic access to EU markets from the end of the transition period on 31 December. Instead they will have to be deemed by the EU to be governed by rules as robust as within the bloc.

But the chancellor said anyone who is worried about the economic implications of the breach with the EU should be "enormously reassured about the comprehensive nature" of the deal.

He added: “I think there was always going to be people who want to reopen the debates of four years ago but I don’t think that would be the right thing to do,” he said in the interview.

“I actually think this deal can represent an enormously unifying moment for our country and bring people together after the divisions of the past few years.

“For those who voted to leave, this deal means that we will have the freedom that people sought, control of our laws, our borders, our trade.

“But for those who were anxious about the economic implications of leaving they should be enormously reassured by the comprehensive nature of this free trade agreement, ensuring tariff-free, quota-free access for British businesses to the European market, ensuring that close economic partnership and crucially protecting British jobs.”

Watch: Brexit trade deal can be 'unifying moment for our country', Rishi Sunak says

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    NEW YORK, April 12, 2021 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Vroom, Inc. (NASDAQ: VRM) between June 9, 2020 and March 3, 2021, inclusive (the “Class Period”), of the important May 21, 2021 lead plaintiff deadline. SO WHAT: If you purchased Vroom securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Vroom class action, go to http://www.rosenlegal.com/cases-register-2063.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Vroom was unable to sell a significant portion of existing inventory as a result of inadequate sales personnel and overreliance on third-party sales support; (2) Vroom’s lack of adequate sales and support staff had resulted in severe growth constraints, degraded customer experience, lost sales opportunities and a greater than 10% increase in average days to sale for Vroom products; (3) Vroom had been forced to mark down and liquidate existing inventory at fire sale prices; and (4) as a result of the foregoing, defendants’ positive statements about Vroom’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Vroom class action, go to http://www.rosenlegal.com/cases-register-2063.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com cases@rosenlegal.com www.rosenlegal.com

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  • Mare of Easttown: Kate Winslet Breaks Down Her 'Profoundly Challenging' New Role (And Yes, That Accent)

    Don’t call Kate Winslet’s new HBO drama Mare of Easttown a “thriller.” She wouldn’t, anyway. “So often, crime stories and small town murders are described as a ‘thriller,'” the Oscar winner tells TVLine. “I don’t think you could really describe this as a thriller, in that sense. It has those elements to it, but it’s […]