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Brexit trade deal can cover FS

A post-Brexit free-trade deal with the EU, incorporating financial services, could be completed in three years, according to Sam Woods, the Bank Of England’s deputy governor.

This flies in the face of the views expressed by Michael Barnier, the EU’s chief Brexit negotiator, who said last month there is not a single trade agreement that is open to financial services.

Woods rejected the stark choice set out by Barnier in which UK financial services are either in the Single Market, using passporting, or outside the EU using equivalence to access EU firms.