UPDATE 1-UK downplays risk of EU poaching City of London business

(Provides context)

LONDON, Feb 14 (Reuters) – Britain on Sunday downplayed therisk of the European Union taking enterprise away from the City ofLondon after Brexit, announcing the categorical challenges attain from NewYork, Tokyo and other areas.

Britain carried out its exit from the EU at the tip of 2020,but the final-minute free commerce deal that changed membership ofthe bloc did no longer encompass preparations for free commerce infinancial companies and products – the engine of Britain’s financial system.

Data printed on Thursday showed Amsterdam has displacedLondon as Europe’s largest fragment Trading centre after Britainleft the EU’s single market, and picked up a bit of Britishderivatives enterprise.

“If we’re in actuality relevant about it, the downside to London asthe world monetary centre around the world will attain fromTokyo, New York, and other areas, rather then from thoseEuropean hubs, in particular if they start to erect barriers totrade and funding,” international minister Dominic Raab instructed theBBC.

Britain has but to be granted the equivalence put onfinancial companies and products legislation that would free up commerce, becausethe EU says it wants recordsdata about Britain’s intentions todiverge from EU tips. Britain says it has supplied all thenecessary paperwork.

Raab acknowledged the EU risked undermining its accumulate competitivenessif it establish up barriers in show to “gash a shrimp of enterprise hereand there from the City”.

EU authorities occupy beforehand been sure that it wantseuro-denominated monetary job shifted from London to buildup its accumulate capital market under tell Brussels supervision.(Reporting by William James;Modifying by Gareth Jones and Barbara Lewis)

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