Brexit Chancellor of the Exchequer Philip Hammond's vision of "enhanced equivalence", theoretically allowing the country's financial services to trade with the European Union (EU) after UK, is gaining traction with the government. Hammond's plan is similar to one drawn up by Barney Reynolds, a partner at Shearman & Sterling law firm, which relies on existing EU principles, though Hammond's version calls for a "more robust and enduring" system. EU officials have said a mutual recognition system will not be acceptable, while Conservative MP John Baron said enhanced equivalence would lead to fewer rules and increased competitiveness.
UK Chancellor of the Exchequer Philip Hammond's vision of "enhanced equivalence", theoretically allowing the country's financial services to trade with the European Union (EU) after Brexit, is gaining traction with the government. Hammond's plan is similar to one drawn up by Barney Reynolds, a partner at Shearman & Sterling law firm, which relies on existing EU principles, though Hammond's version calls for a "more robust and enduring" system. EU officials have said a mutual recognition system will not be acceptable, while Conservative MP John Baron said enhanced equivalence would lead to fewer rules and increased competitiveness.