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May: ‘We are not looking for passporting in financial services’

Written by Adam Cadle
05/03/2018

The UK government is “not looking for passporting” in financial services, Prime Minister Theresa May has said.

In her speech on the future economic partnership with the European Union, May said “we are not looking for passporting because we understand this is intrinsic to the single market of which we would no longer be a member”.

“It would also require us to be subject to a single rule book, over which we would have no say,” she added.

“The UK has responsibility for the financial stability of the world’s most significant financial centre, and our taxpayers bear the risk, wo it would be unrealistic for us to implement new EU legislation automatically and in its entirety.”

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