City expected to set out vision for "mutual access" trade pact with EU after Brexit

 
William Turvill
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The UK is due to leave the European Union in March 2019 (Source: Getty)

The City is set to propose to the government a “mutual access” trade pact between the UK and the EU after Brexit, allowing firms to continue their cross-border business activity.

The suggestion is expected to be made to ministers in a report from the International Regulatory Strategy Group (IRSG), which is sponsored by the City of London Corporation and TheCityUK, next month.

A draft paper, reported on by Reuters, said: “The proposals in the report are intended to achieve a level of mutual access for EU and UK firms, which is as close as possible to the current levels of access that exist for such firms within the EU framework.”

The trade pact suggested would enable UK firms to operate in the bloc without the need for a local licence when Britain leaves the EU in March 2019.

The draft report also sets out a plan for how financial services firms could be policed by a new dispute resolution body.

Read more: Theresa May insists Brexit means end to ECJ jurisdiction

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