UK banks must be realistic about EU access after Brexit

Gramegna: We are very keen on finding smart solutions but we must be realistic about what is achievable. — Bloomberg

LONDON: Making the current system of European Union (EU) market access for non-members more workable is Britain’s best bet after Brexit as the more ambitious alternative sought by banks is unrealistic, Luxembourg’s finance minister told Reuters.

Britain’s financial sector, with backing from the government, wants two-way market access based on Britain and the EU accepting each other’s banking rules to avoid damaging the UK economy’s most important sector.