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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 26 October 2017.
The European Council called for the EU and UK to ‘consolidate the convergence’ achieved in the first five rounds of negotiations to be able to move to the second phase of negotiations as soon as possible. Taking into account the assessment presented by the Michel Barnier and reaffirming its guidelines of 29 April 2017, the European Council welcomed the progress made on citizen’s rights and Ireland, particularly the protection of the Good Friday Agreement. However, the Council notes that while the UK has stated it will honour its financial obligations, there has not been a firm and concrete commitment to settle these obligations.
The House of Commons Treasury Committee launched a new inquiry into the UK’s economic relationship with the EU. The inquiry will consider transitional arrangements, preparedness for 'no deal', and the long-term economic relationship. The first evidence session was held on 25 October 2017.
The chief executive of TheCityUK, Miles Celic was scheduled to appear before the House of Lords EU Select Committee on 24 October 2017 to give evidence on the implications of a ‘no deal’ Brexit, for the financial services sector and the economy as a whole. The evidence session formed part of the ongoing inquiry, ‘Brexit: deal or no deal’? which is examining the key components of any implementation, or transition period and the consequence of a failure to reach an agreement.
The CEO of
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