Daily Express :: City and Business Feed

Daily Express :: City and Business Feed






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<title>Daily Express :: City and Business Feed</title>
<link>http://www.express.co.uk
<description>Simply The Best 7 Days A Week</description>
<image></image><title>Daily Express :: City and Business Feed</title>
<link>http://www.express.co.uk
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<title>Bitcoin $57,000! Elon Musk and investors stage ‘speculative attack’ on fiat, expert claims</title>
<link>http://feedproxy.google.com/~r/daily-express-citybusiness/~3/GGu-gW3SnU8/bitcoin-price-latest-news-elon-musk-speculative-attack-fiat-currencies
<guid ispermalink=”false”>https://www.express.co.uk/finance/city/1400541/bitcoin-price-latest-news-elon-musk-speculative-attack-fiat-currencies</guid>
<description>&lt;div&gt;&lt;img src=”https://cdn.images.express.co.uk/img/dynamic/22/750×445/1400541.jpg” class=”ff-og-image-inserted”&gt;&lt;/div&gt;&lt;div readability=”36.175159235669″&gt;&lt;p&gt;This week in an attack on fiat money Mr Musk tweeted that companies investing in &lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/finance/city/1398288/bitcoin-news-brexit-latest-bitcoin-price-city-of-london-amsterdam” rel=”tag”&gt;bitcoin&lt;/a&gt;, “is simply a less dumb form of liquidity than cash”. Today the price of bitcoin reached a new all-time high of $57,000 per coin. This comes as the total market capitalisation for bitcoin exceeded $1 trillion during the week.&lt;/p&gt;&lt;/div&gt;&lt;div readability=”45.071428571429″&gt;&lt;p&gt;The astonishing rise of the world’s preeminent cryptocurrency has seen weekly gains of 14 percent and the digital asset has risen by 60 percent since the beginning of February.&lt;/p&gt;&lt;p&gt;Speaking to&amp;nbsp;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/” target=”_blank” rel=”noreferrer nofollow”&gt;Express.co.uk&lt;/a&gt;&amp;nbsp;bitcoin pioneer Max Keiser said: “Elon Musk, along with other billionaire CEOs, is staging a ‘speculative attack’ on fiat money and by extension, government regulators and the central banks.&lt;/p&gt;&lt;p&gt;”This is part of the Global Insurrection Against Banker Occupation (GIABO) that was started post-Occupy Wall Street.&lt;/p&gt;&lt;p&gt;”We are seeing the equivalent of a Civil War being fought between billionaires and the bankers who have traditionally been allies.&lt;/p&gt;&lt;/div&gt;&lt;div readability=”41.420035149385″&gt;&lt;p&gt;”Bitcoin is uncensorable, unconfiscatable, digital gold that gives anyone who owns it a way to opt-out and defund any fiat money-based state including Britain and the United States.”&lt;/p&gt;&lt;p&gt;Recently, Elon Musk has been making mischievous bitcoin tweets that could see him falling foul of market regulators.&lt;/p&gt;&lt;p&gt;After he began tweeting about bitcoin in earnest, the cryptocurrency’s price began to soar.&lt;/p&gt;&lt;p&gt;However, during the week Mr Musk appeared to have had a change of heart regarding bitcoin.&lt;/p&gt;&lt;p&gt;&lt;strong&gt;READ MORE:&amp;nbsp;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/finance/city/1314737/bitcoin-news-prices-10-000-surge-altcoins-ethereum-finance-cryptocurrency” target=”_blank” rel=”tag”&gt;Bitcoin prices surge to over $10,000 as investors ditch other cryptocurrencies&lt;/a&gt;&lt;/strong&gt;&lt;/p&gt;&lt;/div&gt;&lt;div readability=”47″&gt;&lt;p&gt;“But the fact is that Tesla bought Bitcoin, not Dogecoin, so I think Elon likes it a lot personally.”&lt;/p&gt;&lt;p&gt;This triggered a sharp response from Mr Musk which could see him gaining the undue attention of the US Securities and Exchange Commission.&lt;/p&gt;&lt;p&gt;Mr Musk replied to Mr Zhao tweet by stating, “Tesla’s action is not directly reflective of my opinion”.&lt;/p&gt;&lt;p&gt;He added: “Having some bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&amp;amp;P500 company.”&lt;/p&gt;&lt;/div&gt;&lt;div readability=”71″&gt;&lt;p&gt;Mr Musk then added: “To be clear, I am not an investor, I am an engineer.&lt;/p&gt;&lt;p&gt;”I don’t even own any publicly traded stock besides Tesla.&lt;/p&gt;&lt;p&gt;“However, when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere.&lt;/p&gt;&lt;p&gt;”Bitcoin is almost as bs as fiat money.&lt;/p&gt;&lt;p&gt;”The key word is ‘almost’.”&lt;/p&gt;&lt;p&gt;On Friday, an expert speaking to the Crypto AM said: “One week, Elon Musk is changing his social media bio to ‘bitcoin’ and sending the markets into total overdrive, the next he’s essentially labelling it as ‘BS’,”.&lt;/p&gt;&lt;p&gt;The expert added: “No one will be doubting that he has the right to an opinion.&lt;/p&gt;&lt;p&gt;”He also has the right to change that opinion, but if your opinion has so much influence on other people, well, it’s not something that should be taken lightly.&lt;/p&gt;&lt;p&gt;“I’m telling you now, this contrast, this apparent one-eighty, this shift of sentiment, call it what you will, is going to raise eyebrows with the authorities.”&lt;/p&gt;&lt;p&gt;The Daily Express has contacted Elon Musk’s Tesla press office, but has yet to receive a reply.&lt;/p&gt;&lt;/div&gt;&lt;p&gt;&lt;strong&gt;&lt;a href=”https://blockads.fivefilters.org”&gt;&lt;/a&gt;&lt;/strong&gt; &lt;a href=”https://blockads.fivefilters.org/acceptable.html”&gt;(Why?)&lt;/a&gt;&lt;/p&gt;</description>
<pubdate>Sat, 20 Feb 2021 21:31:19 +0000</pubdate>
<dc:creator>Brian McGleenon</dc:creator>
<dc:language>en</dc:language>
<dc:format>text/html</dc:format>
<dc:identifier>https://www.express.co.uk/finance/city/1400541/bitcoin-price-latest-news-elon-musk-speculative-attack-fiat-currencies</dc:identifier>
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<title>What exodus? Brexit will help City ATTRACT new business – ‘Brimming with opportunities!'</title>
<link>http://feedproxy.google.com/~r/daily-express-citybusiness/~3/da42YpRUSJY/brexit-news-eu-city-of-london-lord-lamont-bernard-jenkin-erg-project-fear-finance-exodus
<guid ispermalink=”false”>https://www.express.co.uk/finance/city/1400033/brexit-news-eu-city-of-london-lord-lamont-bernard-jenkin-erg-project-fear-finance-exodus</guid>
<description>&lt;div class=”jw-player-container”&gt;&lt;h3 class=”jw-player-title”&gt;Brexit was ‘inevitable’ says Lord Lamont&lt;/h3&gt;&lt;/div&gt;&lt;div class=”text-description” readability=”30.506756756757″&gt;&lt;p class=”p1″&gt;The remarks come as prominent Brexiteer &lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/politics/1377825/Brexit-news-Brussels-ERG-Bernard-Jenkin-Conservative-Party-trade-agreement-vote-latest-vn” rel=”tag”&gt;Sir Bernard Jenkin&lt;/a&gt; struck a similarly upbeat tone, suggesting the world-famous &lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/finance/city/1399906/brexit-news-london-financial-services-sector-equivalence-eu-bad-deal” rel=”tag”&gt;financial centre&lt;/a&gt; was “brimming with opportunities” now Britain has left the &lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/world/1399948/joe-biden-news-eu-trade-war-wine-france-spain-tariffs-exports-spt” rel=”tag”&gt;bloc&lt;/a&gt;. Both were speaking after last week’s launch of new campaign group the CityUnited Project.&lt;/p&gt;&lt;/div&gt;&lt;div class=”box two-related-articles clear”&gt; &lt;header&gt;&lt;h3&gt;Related articles&lt;/h3&gt; &lt;/header&gt;&lt;/div&gt;&lt;div class=”text-description” readability=”50″&gt;&lt;p class=”p1″&gt;The organisation’s stated aim is to present “a vision of a world-leading and prosperous UK financial services industry”, setting global regulatory standards in partnership with other major financial centres “in contrast to the increasingly protectionist EU financial services markets”.&lt;/p&gt;&lt;p class=”p1″&gt;Since its inception, the think tank has unveiled its Political Advisory Board, consisting of Parliamentarians including Lord Lamont, Sir Bernard, as well as ERG deputy chairman David Jones MP, Anne Marie Morris MP and Lord Hannan of Kingsclere.&lt;/p&gt;&lt;p class=”p1″&gt;Lord Lamont of Lerwick, formerly Norman Lamont, who served as Chancellor from 1990 to 1993, is a member of CityUnited’s Advisory Board.&lt;/p&gt;&lt;/div&gt;&lt;div class=”photo changeSpace”&gt;&lt;p class=”withoutCaption”&gt;&lt;picture&gt; &lt;source type=”image/webp” srcset=”https://cdn.images.express.co.uk/img/page/preloaderbig.gif” data-srcset=”https://cdn.images.express.co.uk/img/dynamic/22/590x/Sir-Bernard-Jenkin-Lord-Lamont-1400033.webp?r=1613842218169″&gt; &lt;img class=”lazy” src=”https://cdn.images.express.co.uk/img/dynamic/22/590x/Sir-Bernard-Jenkin-Lord-Lamont-1400033.jpg?r=1613842218169″ alt=”Sir Bernard Jenkin Lord Lamont” width=”590″ height=”350″&gt;&lt;/picture&gt;&lt;meta itemprop=”image” content=”https://cdn.images.express.co.uk/img/dynamic/22/590x/Sir-Bernard-Jenkin-Lord-Lamont-1400033.jpg?r=1613842218169″&gt;&lt;/p&gt;&lt;span class=”newsCaption”&gt;Sir Bernard Jenkin and Lord Lamont have both tipped the City to thrive &lt;span class=”caption”&gt;(Image: GETTY)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class=”photo changeSpace”&gt;&lt;p class=”withoutCaption”&gt;&lt;picture&gt; &lt;source type=”image/webp” srcset=”https://cdn.images.express.co.uk/img/page/preloaderbig.gif” data-srcset=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Boris-Johnson-2913823.webp?r=1613842218263″&gt; &lt;img class=”lazy” src=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Boris-Johnson-2913823.jpg?r=1613842218263″ alt=”Boris Johnson” title=”Boris Johnson” width=”590″ height=”350″&gt;&lt;/picture&gt;&lt;/p&gt;&lt;span class=”newsCaption”&gt;Boris Johnson took the UK out of the EU on December 31 &lt;span class=”caption”&gt;(Image: GETTY)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class=”text-description” readability=”36.056420233463″&gt;&lt;p class=”p1″&gt;He told&amp;nbsp;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/”&gt;&lt;span class=”s1″&gt;Express.co.uk&lt;/span&gt;&lt;/a&gt;: “The UK financial service industry stands at the heart of Britain’s future prosperity both in the City and regions throughout the union, providing ever-increasing employment opportunities and strengthening the union.&lt;/p&gt;&lt;p class=”p1″&gt;“The City has lacked a strong and positive voice for a while now.&lt;/p&gt;&lt;p class=”p1″&gt;“The CityUnited Project should fill this void and set an example to the City Corporation and the City establishment.”&lt;/p&gt;&lt;p class=”p1″&gt;&lt;strong&gt;READ MORE:&amp;nbsp;&lt;span&gt;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/world/1399986/labour-party-news-sir-keir-starmer-poll-boris-johnson-covid19-coronavirus-brexit-news” data-name=”Oh dear, Keir! Labour leader facing huge problem as Boris extends lead” target=”_blank”&gt;&lt;span&gt;Oh dear, Keir! Labour leader facing huge problem as Boris extends lead&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/strong&gt;&lt;/p&gt;&lt;/div&gt;&lt;div class=”photo changeSpace”&gt;&lt;p class=”withoutCaption”&gt;&lt;picture&gt; &lt;source type=”image/webp” srcset=”https://cdn.images.express.co.uk/img/page/preloaderbig.gif” data-srcset=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/City-of-London-2913824.webp?r=1613842218351″&gt; &lt;img class=”lazy” src=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/City-of-London-2913824.jpg?r=1613842218351″ alt=”City of London” title=”City of London” width=”590″ height=”348″&gt;&lt;/picture&gt;&lt;/p&gt;&lt;span class=”newsCaption”&gt;City of London: Also known as the Square Mile &lt;span class=”caption”&gt;(Image: GETTY)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class=”box two-related-articles clear”&gt; &lt;header&gt;&lt;h3&gt;Related articles&lt;/h3&gt; &lt;/header&gt;&lt;/div&gt;&lt;div class=”text-description” readability=”42.532224532225″&gt;&lt;p class=”p1″&gt;The UK must now exploit its global leadership in Fintech development, building on its diverse range of products and services and “innovative spirit”, Lord Lamont stressed.&lt;/p&gt;&lt;p class=”p1″&gt;With specific reference to Britain’s decision to sever ties with Brussels, he added: “Brexit has given the UK great opportunities in reshoring, not least in the City, through the use of imaginative regulatory reform and tax incentives to draw offshore management homewards.&lt;/p&gt;&lt;p class=”p1″&gt;“The enlightened attitude to date of the Bank of England has set the tone for a full review of UK financial regulation, for the benefit of the City, its customers and its employees and in setting the standards for a new world regulatory order, for the prosperity of all.”&lt;/p&gt;&lt;p class=”p1″&gt;&lt;strong&gt;DON’T MISS&lt;/strong&gt;&lt;br&gt;&lt;span&gt;&lt;strong&gt;&lt;span&gt;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/politics/1399750/Nicola-Sturgeon-news-alex-salmond-inquiry-evidence-ruth-Davidson-snp-latest”&gt;&lt;span&gt;’Sturgeon rattled!’ Davidson tears into SNP over Salmond probe&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&amp;nbsp;[INSIGHT]&lt;/strong&gt;&lt;/span&gt;&lt;br&gt;&lt;span&gt;&lt;strong&gt;&lt;span&gt;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/politics/1399833/Brexit-news-immigration-channel-crossing-france-asylum-seekers-latest-ont”&gt;&lt;span&gt;Channel crossing: Border forces stop 70% of migrant attempts&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&amp;nbsp;[REVEALED]&lt;/strong&gt;&lt;/span&gt;&lt;br&gt;&lt;span&gt;&lt;strong&gt;&lt;span&gt;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/uk/1399222/devon-news-cruise-ships-torbay-babbacombe-bay-uk-weather-covid-international-travel”&gt;&lt;span&gt;Huge fleet of cruise ships arrive in Devon as horrific weather eases&lt;/span&gt;&lt;/a&gt;&amp;nbsp;&lt;/span&gt;[FORECAST]&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;div class=”photo changeSpace”&gt;&lt;p class=”withoutCaption”&gt;&lt;picture&gt; &lt;source type=”image/webp” srcset=”https://cdn.images.express.co.uk/img/page/preloaderbig.gif” data-srcset=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/David-Jones-MP-2913827.webp?r=1613842218467″&gt; &lt;img class=”lazy” src=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/David-Jones-MP-2913827.jpg?r=1613842218467″ alt=”David Jones MP” title=”David Jones MP” width=”590″ height=”348″&gt;&lt;/picture&gt;&lt;/p&gt;&lt;span class=”newsCaption”&gt;David Jones MP, the deputy chairman of the European Research Group &lt;span class=”caption”&gt;(Image: GETTY)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class=”photo changeSpace”&gt;&lt;p class=”withoutCaption”&gt;&lt;picture&gt; &lt;source type=”image/webp” srcset=”https://cdn.images.express.co.uk/img/page/preloaderbig.gif” data-srcset=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Lord-Hannan-2913826.webp?r=1613842218525″&gt; &lt;img class=”lazy” src=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Lord-Hannan-2913826.jpg?r=1613842218525″ alt=”Lord Hannan” title=”Lord Hannan” width=”590″ height=”322″&gt;&lt;/picture&gt;&lt;/p&gt;&lt;span class=”newsCaption”&gt;Lord Hannan is also on CityUnited’s advisory board &lt;span class=”caption”&gt;(Image: GETTY)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class=”pull-quote on-left” readability=”6″&gt;&lt;blockquote class=”nointellitxt ctx_blocked lazy-bckg” readability=”5″&gt;&lt;p class=”quote”&gt; The future City is brimming with opportunities.&lt;/p&gt;&lt;p class=”author”&gt;Sir Bernard Jenkin&lt;/p&gt;&lt;/blockquote&gt;&lt;/div&gt;&lt;div class=”text-description” readability=”41.723744292237″&gt;&lt;p class=”p1″&gt;Sir Bernard, the Conservative MP for Harwich and North Essex, is chairman of the advisory board, and Chairman of the Liaison Committee of the House of Commons.&lt;/p&gt;&lt;p class=”p1″&gt;He told&amp;nbsp;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/”&gt;&lt;span class=”s1″&gt;Express.co.uk&lt;/span&gt;&lt;/a&gt;: “We have always been global regulatory standard setters. Now is the time for us to use that experience to create a new world financial market order, based on partnerships between great financial centres.&lt;/p&gt;&lt;p class=”p1″&gt;“The future City is brimming with opportunities.&lt;/p&gt;&lt;/div&gt;&lt;div class=”photo changeSpace”&gt;&lt;p class=”withoutCaption”&gt;&lt;picture&gt; &lt;source type=”image/webp” srcset=”https://cdn.images.express.co.uk/img/page/preloaderbig.gif” data-srcset=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Five-key-moments-Brexit-2913825.webp?r=1613842218599″&gt; &lt;img class=”lazy” src=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Five-key-moments-Brexit-2913825.jpg?r=1613842218599″ alt=”Five key moments Brexit” title=”Five key moments Brexit” width=”590″ height=”590″&gt;&lt;/picture&gt;&lt;/p&gt;&lt;span class=”newsCaption”&gt;Five key moments which led to Brexit &lt;span class=”caption”&gt;(Image: GETTY)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class=”text-description” readability=”40″&gt;&lt;p class=”p1″&gt;“The protectionist financial regulation and walled markets across the Channel will spark the City’s innovative spirit in setting up and developing parallel equivalents like it did in creating the Eurodollar market of old.”&lt;/p&gt;&lt;p class=”p1″&gt;He added: “Obtaining EU equivalence was always a political matter, not a commercial or market decision.&lt;/p&gt;&lt;p class=”p1″&gt;“EU firms are welcomed here and throughout the rest of the world.&lt;/p&gt;&lt;/div&gt;&lt;div class=”photo changeSpace”&gt;&lt;p class=”withoutCaption”&gt;&lt;picture&gt; &lt;source type=”image/webp” srcset=”https://cdn.images.express.co.uk/img/page/preloaderbig.gif” data-srcset=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Ursula-von-der-Leyen-2913828.webp?r=1613842218681″&gt; &lt;img class=”lazy” src=”https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Ursula-von-der-Leyen-2913828.jpg?r=1613842218681″ alt=”Ursula von der Leyen” title=”Ursula von der Leyen” width=”590″ height=”348″&gt;&lt;/picture&gt;&lt;/p&gt;&lt;span class=”newsCaption”&gt;Ursula von der Leyen, President of the European Commission &lt;span class=”caption”&gt;(Image: GETTY)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class=”text-description” readability=”49″&gt;&lt;p class=”p1″&gt;“The EU will come to learn that it needs the City for the protection of the ever-weakening eurozone.”&lt;/p&gt;&lt;p class=”p1″&gt;Meanwhile, Mr Jones, Tory MP for Clwyd West, said Brexit needed to be the catalyst for the City to reassert its global leadership role in financial services, a sector he said was crucial to the UK’s prosperity and international influence.&lt;/p&gt;&lt;p class=”p1″&gt;He added: “A modern regulatory system, framed under the flexibility of the Common Law, will help ensure that this happens.&lt;/p&gt;&lt;p class=”p1″&gt;“CityUnited will be a strong advocate for the positive changes that are necessary to secure the City’s future.”&lt;/p&gt;&lt;/div&gt;&lt;p&gt;&lt;strong&gt;&lt;a href=”https://blockads.fivefilters.org”&gt;&lt;/a&gt;&lt;/strong&gt; &lt;a href=”https://blockads.fivefilters.org/acceptable.html”&gt;(Why?)&lt;/a&gt;&lt;/p&gt;</description>
<pubdate>Sat, 20 Feb 2021 07:00:00 +0000</pubdate>
<dc:creator>Ciaran McGrath</dc:creator>
<dc:language>en</dc:language>
<dc:format>text/html</dc:format>
<dc:identifier>https://www.express.co.uk/finance/city/1400033/brexit-news-eu-city-of-london-lord-lamont-bernard-jenkin-erg-project-fear-finance-exodus</dc:identifier>
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<title>EU bullies to push for bad financial services deal – warning after Amsterdam powergrab</title>
<link>http://feedproxy.google.com/~r/daily-express-citybusiness/~3/2nTz9gcy-qs/brexit-news-london-financial-services-sector-equivalence-eu-bad-deal
<guid ispermalink=”false”>https://www.express.co.uk/finance/city/1399906/brexit-news-london-financial-services-sector-equivalence-eu-bad-deal</guid>
<description>&lt;div&gt;&lt;img src=”https://cdn.images.express.co.uk/img/dynamic/22/750×445/1399906.jpg” class=”ff-og-image-inserted”&gt;&lt;/div&gt;&lt;div readability=”36″&gt;&lt;p&gt;The UK has yet to be granted the equivalence status on financial services regulation that would free up trade because the EU says it needs more information about Britain’s intentions to diverge from the bloc’s rules. Britain insists it has supplied all the necessary paperwork and described the City as “one of the world’s most pre-eminent financial centres, with a strong regulatory system”.&lt;/p&gt;&lt;/div&gt;&lt;div readability=”39″&gt;&lt;p&gt;But analysts warn the EU is no rush to complete a deal now Amsterdam has overtaken London as Europe’s biggest share trading centre.&lt;/p&gt;&lt;p&gt;EU authorities have previously been clear they want euro-denominated financial activity shifted from London to build up its own capital market under direct Brussels supervision.&lt;/p&gt;&lt;p&gt;And their position has been strengthened as London’s major European rivals appear to have taken advantage of the Brexit deal’s failure to secure regulatory equivalence.&lt;/p&gt;&lt;/div&gt;&lt;div readability=”41.515509601182″&gt;&lt;p&gt;David Howson, president of the pan-European equities exchange CBOE Europe, told CNBC: “The shift in share trading in EU-listed names from the UK to the Netherlands was certainly unprecedented in its size, and the fact that it all happened overnight on the fourth of January. But it wasn’t unpredicted.”&lt;/p&gt;&lt;p&gt;The EU and the UK agreed to work on their financial services relationship in the early part of 2021.&lt;/p&gt;&lt;p&gt;But there are growing fears that Brussels will not recognise the UK rules as equivalent to their own which would constrain the ability of British-based firms to trade more freely in the bloc.&lt;/p&gt;&lt;p&gt;&lt;strong&gt;READ MORE:&amp;nbsp;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/politics/1399846/Brexit-news-EU-trade-Northern-Ireland-Lord-Frost-Boris-Johnson” data-name=”Frost to bully EU into major Brexit U-turn before April 1 deadline” target=”_blank”&gt;Frost to bully EU into major Brexit U-turn before April 1 deadline&lt;/a&gt;&lt;/strong&gt;&lt;/p&gt;&lt;/div&gt;&lt;div readability=”42″&gt;&lt;p&gt;Mr Howson said: “I see no likelihood of an equivalence deal.&lt;/p&gt;&lt;p&gt;”There is certainly no incentive for the European Commission and the European Securities and Markets Authority to look towards providing equivalence given the share of trading that has now moved, as we said, pretty much permanently to Europe.”&lt;/p&gt;&lt;p&gt;UK officials have played down the risk of the EU taking business away from the City of London after Brexit and insist the real challenges come from New York, Tokyo and other areas.&lt;/p&gt;&lt;/div&gt;&lt;div readability=”47.532467532468″&gt;&lt;p&gt;Britain completed its exit from the EU on New Year’s Eve but a last-minute free trade deal struck by Boris Johnson just a week earlier did not include arrangements for free trade in the lucrative financial services sector.&lt;/p&gt;&lt;p&gt;Data published last week showed Amsterdam has displaced London as Europe’s biggest share trading centre after Britain left the EU’s single market, and picked up a chunk of British derivatives business.&lt;/p&gt;&lt;p&gt;But Foreign Secretary Dominic Raab said: “If we’re really honest about it, the challenge to London as the global financial centre around the world will come from Tokyo, New York, and other areas, rather than from those European hubs, particularly if they start to erect barriers to trade and investment.”&lt;/p&gt;&lt;p&gt;Mr Raab said the EU risked undermining its own competitiveness if it put up barriers in order to “nick a bit of business here and there from the City”.&lt;/p&gt;&lt;p&gt;&lt;strong&gt;DON’T MISS&lt;/strong&gt;&lt;br&gt;&lt;strong&gt;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/uk/1399897/Brexit-news-EU-exit-European-Single-Market-Lord-Adonis-customs-union” data-name=”Lord Adonis shamed over demand to rejoin EU’s single market” target=”_blank”&gt;Lord Adonis shamed over demand to rejoin EU’s single market&lt;/a&gt;[SPOTLIGHT]&lt;/strong&gt;&lt;br&gt;&lt;strong&gt;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/news/world/1399893/joe-biden-news-brexit-eu-uk-trade-deal-valdis-dombrovskis-brussels” data-name=”Joe Biden channels Brexit as EU trade snubbed” target=”_blank”&gt;Joe Biden channels Brexit as EU trade snubbed&lt;/a&gt;[FOCUS]&lt;/strong&gt;&lt;br&gt;&lt;strong&gt;&lt;a data-link-tracking=”InArticle|Link” href=”https://www.express.co.uk/comment/expresscomment/1399678/EU-news-Brexit-latest-Sir-David-Frost-restart-Brexit-who-is-Lord-Frost-cabinet-office” data-name=”No10 hiding behind Covid crisis to cover-up Brexit disaster COMMENT” target=”_blank”&gt;No10 hiding behind Covid crisis to cover-up Brexit disaster&lt;/a&gt;[COMMENT]&lt;/strong&gt;&lt;/p&gt;&lt;/div&gt;&lt;div readability=”51″&gt;&lt;p&gt;EU financial services commissioner Mairead McGuinness said the bloc will discuss equivalence with Britain “progressively” and take into account its intentions regarding rules on a case-by-case basis.&lt;/p&gt;&lt;p&gt;But Ms McGuiness warned: “There cannot be equivalence and wide divergence.”&lt;/p&gt;&lt;p&gt;A senior UK Government source told the FT prospects for equivalence “look bad” with a memorandum of understanding on future collaboration set to be “very modest”.&lt;/p&gt;&lt;p&gt;Another Conservative MP said senior bankers believed European Central Bank supervisors were looking for areas which could be within the EU’s orbit.&lt;/p&gt;&lt;p&gt;Sam Lowe, of the Centre for European Reform, said: “The EU is on a land-grab.&lt;/p&gt;&lt;p&gt;“It is pursuing a strategy designed to try to lever over as much economic activity as possible and being quite blatant about it.&lt;/p&gt;&lt;p&gt;”Some equivalence may still come but it is now down to what is in the EU’s interests.”&lt;/p&gt;&lt;/div&gt;&lt;p&gt;&lt;strong&gt;&lt;a href=”https://blockads.fivefilters.org”&gt;&lt;/a&gt;&lt;/strong&gt; &lt;a href=”https://blockads.fivefilters.org/acceptable.html”&gt;(Why?)&lt;/a&gt;&lt;/p&gt;</description>
<pubdate>Fri, 19 Feb 2021 09:57:00 +0000</pubdate>
<dc:creator>Simon Osborne</dc:creator>
<dc:language>en</dc:language>
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<dc:identifier>https://www.express.co.uk/finance/city/1399906/brexit-news-london-financial-services-sector-equivalence-eu-bad-deal</dc:identifier>
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</rss><body id=”readabilityBody”></body><p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p>
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