UK Cabinet Office Minister David Lidington, Prime Minister Theresa May’s effective second-in-command, said the services industry must diverge from EU rules after Brexit.
He said that “the reason why we are proposing to treat services differently is because it is in services where regulatory flexibility matters most for both current and future trading opportunities.”
And, “while the EU acquis on goods has been stable for about 30 years, the EU acquis on services has not been and the risk of unwelcome EU measures coming into play through the acquis on services is much greater.”
Separealy, European Commission Vice President Valdis Dombrovskis said “overall, even after Brexit, the performance of existing obligations can generally continue.” Therefore, existing financial contracts are unlikely to be affected.
