EU should offer UK 'equivalence' on financial services - UK's Javid

The European Union should continue to recognize Britain's financial services industry as meeting equivalent regulatory standards when a Brexit transition period ends next year, finance minister Sajid Javid said on Tuesday. "On day one we will have exactly the same rules," Javid said in parliament after a lawmaker asked him if it would be reasonable for the EU to grant Britain's insurance industry less access than Bermuda's.

"As we forge a new relationship with our European friends, financial services will be a key part of it," he added. Earlier on Tuesday, Javid wrote in the City A.M. newspaper that he wanted a durable relationship over financial services that would last for decades to come.