Theresa May Defends Stance on Financial Services Rules Post-Brexit

Photo by U.S. Air Force Staff Sgt. Jette Carr

Theresa May, the British Prime Minister said that the financial sector of Britain is considered to be too important to the economy to enable a post-Brexit relationship that does not let its regulators set their own rules.

During an interview with the BBC, the Prime Minister was asked why she did not want to retain the arrangement that allows cross-border European Union trade in financial services. May answered: “If we were to accept ‘passporting’ we’d just be a rule taker, we’d have to abide by the rules that were being set elsewhere.

In an interview that was recorded on Friday following a speech that set out her Brexit objectives, the Prime Minister stated: “Given the importance of financial stability, of ensuring the City of London, we can’t just take the same rules without any say in them.”