EU offer is not what UK finance wants

The EU is fine-tuning what access it’s prepared to give the UK’s crucial financial services industry after Brexit, and the proposal falls far short of what Britain and its banks think is fair.

The EU will consider offering the UK “improved equivalence” for its financial services, according to the latest draft of the bloc’s negotiating position, obtained by Bloomberg. That means the EU will only let UK banks access its market for as long as it considers British rules to be equivalent to the bloc’s.