Benefits of Single Market Access Overplayed

Britain needs to focus its efforts on the banking sector when negotiating new financial trading terms with the European Union as the benefits of unfettered access across the industry as a whole have been overplayed, think tank Open Europe said in a report on Monday.

Open Europe, which campaigned for reforming the EU and adopted a neutral stance in the UK’s EU referendum in June, said a broad strategy across the whole financial sector would lack credibility.

“To claim that the success of the UK as a global financial centre is entirely reliant on the passport is exaggerated,” said Vincenzo Scarpetta, a senior policy analyst at the pan-European think tank.


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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.