"I don't fault them for asking, but a mutual recognition trade deal will be a difficult lift. "But", he added, "we must be careful to ensure that the inevitable 'price' that will be exacted by Brussels for continued market access is justifiable and does not constrain UK sovereignty. "Some member states may baulk at a trade pact which reduces the need for banks, insurers and fund managers to shift staff to the bloc after Brexit, Belchambers added. But bankers involved say it might be hard to pull off as it has never been done before in financial services on such a scale. "This is all new and this is our problem," a banker involved in the proposal said.

Source: The Star August 24, 2017 03:26 UTC