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17th of January 2018

United Kingdom

Britain will fight to retain City of London's position in Brexit talks

LONDON (Reuters) - Prime Minister Theresa May said on Wednesday Britain would fight hard to preserve the City of London’s position as a top global financial hub in talks to leave the European Union.

A man cycles past Parliament buildings on Westminster Bridge during sunset in London, Britain, December 15, 2017. REUTERS/Clodagh Kilcoyne

Earlier the BBC reported that the Bank of England would allow European banks to continue operating without creating expensive subsidiaries after Brexit.

“We value the important role that the City of London plays not just as a financial centre for Europe but actually a financial centre for the world. We want to retain that,” May told parliament. “This will be, of course, part of the negotiations on phase two of Brexit.”

Reporting by Elizabeth Piper; editing by Stephen Addison

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