Fortune Nov. 1, 2018

The U.K. and EU Have Reportedly Reached a Brexit Deal on Financial Services

The U.K. and European Union have reached a preliminary agreement to allow financial services companies to access the bloc after Brexit, The Times of London reported, as the two sides edge toward a broader divorce deal.

The agreement is based on equivalence – the tool that the EU already uses to give non-EU banks access to its market. That’s what the EU has long offered the U.K., and the U.K. has long said it’s not good enough. It falls far short of the status quo – which the U.K. hasn’t even been fighting to maintain.

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