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EU risks financial crisis if it blocks Brexit deal UK warns

The EU risks opening door to another global financial crisis if it refuses to give London’s bankers a good trade deal, two senior UK ministers say, as finance industry emerges as a key battleground for Brexit talks.

bloomberg

10.01.2018

(Bloomberg) In a joint article for a German newspaper, Chancellor of the Exchequer Philip Hammond and Brexit Secretary David Davis said they want close cooperation between EU and UK regulators after the country leaves, as part of an expansive trade deal covering both goods and financial services.

This will enable both sides to continue their work ensuring "such a catastrophe" as the 2008 crash "doesn’t happen again," the ministers wrote in a guest column for the Frankfurter Allgemeine Zeitung. "We must re-double our collective effort to ensure that we do not put that hard-earned financial stability at risk, by getting a deal that supports collaboration within the European banking sector, rather than forcing it to fragment."