Our new report, ‘How the UK’s financial services sector can continue thriving after Brexit’, was published on Monday this week. You can read a summary of the key findings here, or download the full report here.

The report finds that the significance of the passport depends on the industry – it is important to business in some sectors, notably wholesale banking, but has much less value in others, such as insurance. Hence, the UK Government needs to focus its efforts on retaining or replicating a passport-like relationship in those sectors where it is most valuable. The study also concludes that regulatory ‘equivalence’ with the EU could only work as a partial solution for the UK after Brexit, and would therefore need to be complemented with bespoke agreements in those sectors where equivalence is not available under existing EU regulations. The report recommends that the UK Government avoid a cliff-edge situation and offer the financial services industry maximum certainty on future trade arrangements with the EU as early on as possible in the Brexit negotiations.

The report received some outstanding media coverage

 

The Daily Telegraph wrote:

The routes to a financial services deal were laid out with admirable clarity this week in a report by the think tank Open Europe.

The Financial Times also cited the report in its analysis of options being considered in Cabinet:

The Open Europe think-tank says the government’s main objective on financial services must be to retain passporting rights for UK-based banks.

City AM picked out one of the most important findings:

The report by Open Europe stresses that the passporting regime does not consist of one set of rights and those involved in the Brexit talks should therefore focus on securing rights for firms which need them the most.

Bloomberg also highlighted a key recommendation:

Open Europe calls for bespoke passporting deal for banks.

Reuters covered the report:

Transitional arrangements would be needed to pave the way to new trading terms to avoid a ‘cliff-edge’.

The report was also referenced in The Financial Times, The Daily Mail, Bloomberg, Politico, Il Sole, The Guardian, and many other media outlets in the UK and beyond.

The report also received widespread coverage in social media