The open letter from UK Finance, which represents major banks and other financial institutions, said the government must place the City at the centre of Brexit trade talks or risk dealing a major blow to the economy. It applies the other way round, so that UK firms can operate in other EEA countries. This means those firms which currently use passporting to operate in the UK will need to be regulated in the UK by the Bank's regulation arm, the Prudential Regulation Authority. There are nine different passports that banks and financial firms use to provide banking services alone. #Brexit• Follow Guardian Business on Twitter at @BusinessDesk, or sign up to the daily Business Today email here.

Source: The Guardian December 17, 2017 16:52 UTC