The City of London issued a stark warning about the future of European finance after Brexit — and the EU is listening

Shutterstock/Zoltan Gabor

• The EU's stance on the City of London appears to be softening.
• The UK government warned EU Brexit negotiators that an overly punitive approach to the City of London will also hurt the rest of Europe.
• UK officials told Brussels that "thousands" of European investment funds will be under threat if the EU insists on a hardline approach to the City.
• Fund run by UK firms are currently sold to clients in EU countries and EU firms sell their funds to UK customers under financial passporting rules.

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LONDON — British Brexit negotiators have issued a stern warning to their EU counterparts over the damage that could be done if the EU takes an overly punitive approach to the City of London.

According to a report from The Times on Tuesday, UK officials told Brussels that "thousands" of European investment funds will be under threat if the EU insists on a hardline approach to the City, something favoured by the EU's French contingent, which sees Brexit as a way to strengthen Paris as a financial centre.

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See Also:

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• Here's what a no deal Brexit would mean for the British economy

SEE ALSO: Deutsche Bank is shifting business out of London — and it hints at a troubling post-Brexit future for a $1 trillion industry

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