Commentary

The post-Brexit City needs a Swiss trade deal, not a distant US pact

Talks with Switzerland are aiming at something much more comprehensive than previous mutual recognition deals between individual UK and foreign regulators

A deal with Switzerland is viewed as particularly valuable as together the two countries represent up to 70% of capital markets activity within Europe
A deal with Switzerland is viewed as particularly valuable as together the two countries represent up to 70% of capital markets activity within Europe Photo: Getty Images

Of all Brexit-supporters’ claims, the idea that there was a great free trade deal with the US just waiting to be signed was always one of the most fanciful.

Even more far-fetched was the hope that such a deal could materially improve City firms’ access to US markets, offsetting the loss of passporting to the EU.

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