UK PM May's speech: Not looking for passporting for financial services, banks

Headlines continue to pour in from the UK PM Theresa May’s much awaited Brexit speech in London.

   •  For trade in goods, key principle should be as ‘frictionless as possible’
   •  Laws don't need to be same as in EU to achieve same regulatory outcomes 
   •  Regulatory standards will stay similar
   •  Proposes associate membership of EU regulatory agencies
   •  Associate membership could permit UK firms to resolve challenges through UK courts, not necessarily ECJ
   •  Need agreement on customs to avoid hard border, rejects staying in customs union
   •  1 option is customs partnership with EU; same tariffs at border for goods intended for EU
   •  2nd option is ‘highly streamlined customs arrangement,’ simple requirements for movement of goods
   •  Customs proposals allow independent trade policy
   •  Understands that market access or some services will not be the same
   •  Doesn’t want to discriminate against EU companies setting up in UK
   •  Some services trade is intrinsically linked to single market, shouldn't have barriers where unnecessary
   •  Not looking for passporting for financial services, banks
   •  UK 'has responsibility’ for world's most significant financial centre, taxpayers ‘bear the risk’