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“It’s in the UK’s and the EU’s interest to reach an agreement on financial services equivalence,” British finance minister Rish Sunak said on Monday. Sunak further noted that there are lots of areas where the EU will not agree on equivalence with the UK.

Additional takeaways

“Without clarity from the EU, we are acting unilaterally to provide clarity.”

“We will use equivalence when it’s in the UK’s economic interest taking a technical approach.”

“We will launch a call for evidence on the overseas regime.”

“We will consult on reforming UK regime for investment funds.”

“We will treat UK exports of financial services to EU on a similar basis to other jurisdictions.”

Market reaction

These comments were largely ignored by the market participants and the GBP/USD pair was last seen losing 0.2% on a daily basis at 1.3128.