The EU will grant the City of London access to its capital markets and agree a post-Brexit deal on financial services because it “needs London”, PwC has predicted.
The financial services sector was left out of the post-Brexit trade deal agreed between the two sides last year, but the Big Four firm is predicting the EU will come to its senses about London’s dominance and attractiveness eventually.
John Garvey, global head of financial services at PwC, told the Telegraph that although doesn’t expect a deal imminently, there will come a point when Brussels realises a deal is in its own interests.
“There’s going to be a strange relationship developing over time where the Europeans realise they need London,” he said. “So, I think there will be some kind of deal because the continent will need access to the London market.”