Switzerland and UK to push ahead with financial services deal
Britain is keen to maintain the City of London’s attractiveness as a global financial centre
Keystone / Facundo Arrizabalaga
Britain and Switzerland will press on with plans to strike a trade deal for their vast financial services industries, UK Chancellor of the Exchequer Rishi Sunak said on Wednesday ahead of talks with his Swiss counterpart.
This content was published on
2 minutes
Reuters/Bloomberg/ts
The Treasury said the virtual discussions with Swiss Finance Minister Ueli Maurer would focus on the goal of “a comprehensive mutual recognition agreement” to cut costs and barriers for UK firms operating in Switzerland and vice versa – a type of arrangement that the European Union had rejected in Brexit talks with London.
Britain is keen to maintain the City of London’s attractiveness as a global financial centre after full access to the EU, hitherto its biggest customer, ended last month.
“The UK and Switzerland are both global financial centres, with a shared commitment to high standards of regulation, market integrity and investor protection,” Sunak said in a statement.
More
More
Swiss president: Brexit agreement is “good news”
This content was published on
In Switzerland, attention will now turn to the country’s own negotiations on a framework agreement with Brussels.
“Our ambition is to deliver one of the most comprehensive agreements of its kind in financial services as part of our plan to seize new opportunities in the global economy now we have left the EU.”
Brussels had rejected the City of London’s request for mutual recognition in the trade deal it struck with Britain, instead insisting on equivalence – or a full alignment of rules – as the price for future financial market access.
Because Britain is no longer bound by EU rules since its full departure from the bloc on December 31, British-based exchanges will once again offer trading in Swiss shares from February 3.
More
More
Swiss media see no real winner in Brexit deal
This content was published on
A day after Britain and the European Union announced a narrow trade deal, Swiss media remain sceptical about its impact.
In June 2019, Brussels blocked EU investors from trading on Swiss bourses after a treaty row, with Switzerland then banning EU exchanges from trading Swiss shares.
Britain’s finance ministry and exchanges said earlier this month that it may take time to rebuild volumes.
Wednesday’s talks are expected to cover insurance, banking, asset management and capital markets, the Treasury said.
More
More
‘Brexit envy’ grows in Switzerland
This content was published on
Britain has finally negotiated a deal with the European Union. Some Swiss voices are now calling for Switzerland to get the same.
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
Basel prepares 700 volunteers for the Eurovision Song Contest
This content was published on
Around 320 people took part in one of the two official information events for the Eurovision Song Contest (ESC) in Basel on Friday.
More Swiss soldiers involved in accidents during training in Austria
This content was published on
The Swiss army has reported various accidents involving Swiss soldiers during the exercise “TRIAS 25” in Austria. Some have led to hospitalisations.
Swiss court rules vegan meat substitutes can’t use animal names
This content was published on
Vegan meat substitutes may not bear animal names such as “planted.chicken” according to a ruling by the Swiss Federal Supreme Court.
Swiss cantons spared duty to create new traveller transit sites
This content was published on
Swiss cantons will no longer be formally obliged by the government to create new transit sites for the travelling community.
Swiss politicians bemoan limited access to EU treaty details
This content was published on
Protests that only a few Swiss parliamentarians will be able to read the contents of a new agreement negotiated with the EU.
This content was published on
For the first time, most Swiss residents favour withdrawing their pension pot as a lump-sum over regular annuity payments.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Switzerland and UK sign agreement on mobility of service suppliers
This content was published on
The agreement secures reciprocal, facilitated market access for service providers from Switzerland and Britain from January 1.
This content was published on
We asked you what you'd be doing and feeling on Friday night as Britain leaves the EU. Here’s a selection of reader comments.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.