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City of London will have 'less fluid' trade with EU, says EU official

Reuters reports that the EU’s financial services chief designate said that the flow of financial services between the European Union and Britain will be less fluid from January whatever happens in talks on a future free trade deal, on Friday.

Britain left the EU last January and unfettered access to the single market under transition arrangements ends on Dec. 31.

“Under all circumstances, deal or no deal, trading in financial services will be different and less fluid as of the first of January next year,” Mairead McGuinness told the European Parliament.

If confirmed by the parliament, McGuinness will lead the European Commission’s work that will decide how much EU access the City of London will have from January.

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