While the chancellor left the door open for possible future deals, saying that the UK did not plan to undercut the EU's rules, which would make equivalence impossible, he used a speech at the City’s annual Mansion House event on 1 July to say that the UK was pushing ahead "as a sovereign jurisdiction with our own priorities".

“As I said in parliament in November, our ambition has been to reach a comprehensive set of mutual decisions on financial services equivalence. That has not happened,” Rishi Sunak said of EU regulators' regime to grant market access to non-EU firms deemed to be regulated in a sufficiently similar manner to their own.