JP Morgan chair calls for ‘greatest possible access’ to single market post-Brexit

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JP Morgan Chair argues for 'greatest possible' access to single market for UK (Source: Getty)

JP Morgan Securities chair Sir Win Bischoff has called for the UK to have the “greatest possible access” to the single market post-Brexit.

Speaking today at the annual conference of the International Business and Diplomatic Exchange in London, Bischoff argued for a “comprehensive free trade agreement that allows for the greatest possible access to the single market to ensure the continued flow of capital and liquidity.”

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Bischoff also called for a transition agreement between the UK and the European Union (EU) contained within a legally binding memorandum of understanding.

“This would significantly reduce the negative impact of a disorderly Brexit with its economic and financial stability risks for the UK and European markets,” he said.

Bischoff said that the transition agreement “should state clearly what the two sides will commit to in the event that no further trade agreement is reached.”

Read more: City welcomes Theresa May's "honest" Brexit speech - and so does Barnier

Both Prime Minister Theresa May and Chancellor Philip Hammond have delivered major speeches in recent days setting out what the UK wants from its Brexit negotiations with the EU.

Speaking on Wednesday Hammond demanded a "unique" deal that gave the flexibility for both sides to deliver "fully equivalent regulatory outcomes" by agreeing to "bank our day one de facto equivalence", while accepting that the systems may evolve over time.

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