Britain’s banks want more than that.
In its report, UK Finance called for a “genuinely strategic” partnership between the two sides on financial services and set out a roadmap to give politicians a vision of how to get there.
A decade on from the Brexit referendum, the banking lobby said the dismal economic backdrop should make the case to remove frictions and improve relations for an industry that can drive investment and jumpstart growth.
“We believe that both sides can achieve better outcomes for the financial services industry, but also for the economies and the customers and clients that both industries on both sides serve,” said Kerstin Mathias, director of international affairs at UK Finance.
The report suggests immediate steps like extending EU market access indefinitely for the U.K.’s clearinghouses — previously a major Brexit sore spot — and setting up technical working groups to coordinate on rules, rather than just chat about them.
The lobby group also calls for a “pragmatic” decision to recognize U.K. banks as “equivalent” to their EU counterparts on capital rules — arguing it would free up capital on the EU side.