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Benefits of Single Market Access Overplayed

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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.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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