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<p>In its White Paper the Government is advancing a detailed proposal for a principled
and practical Brexit, including in financial services.</p><p> </p><p>The UK proposes
a new economic and regulatory arrangement with the EU in financial services. This
would maintain the economic benefits of cross-border provision of the most important
international financial services traded between the UK and the EU.</p><p> </p><p>We
have also listened to the other side’s concerns and understand the need for a new
and fair balance in our rights and obligations in relation to financial services.
As such, our proposal recognises the EU’s desire to have control over its own decision
making but it also reflects the deeply integrated nature of UK and EU financial markets.</p><p>
</p><p>We have suggested how this could be done, by setting out that the new arrangement
should include provisions for:</p><ul><li><p>common principles for the governance
of the relationship;</p></li><li><p>extensive supervisory cooperation and regulatory
dialogue; and</p></li><li><p>predictable, transparent and robust processes.</p></li></ul><p>
</p><p>We believe this proposal is the best option for getting a good deal for both
the EU and the UK, and we look forward to discussing it with them.</p><p><strong>
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