Hunt Set to Ink Financial Services Agreement with Switzerland

Chancellor Jeremy Hunt is set to seal a financial services agreement with Switzerland in Bern. This post-Brexit deal is expected to ease business operations between UK and Swiss firms by acknowledging each country's regulations, as per the Financial Times.

The agreement aims to enhance cross-border trade in financial services, potentially boosting London's financial sector. Hunt will finalize the deal with Swiss Finance Minister Karin Keller-Sutter, attributing the UK's capability to forge independent trade agreements to its departure from the EU.

The Treasury expressed that the deal, known as the Bern Financial Services Agreement, will solidify the UK and Switzerland's strong financial ties, emphasizing a mutual commitment to global standards and open markets.

With Britain's exit from the EU, its previous trade benefits with Switzerland, which followed EU regulations, were at risk. The new agreement reestablishes the UK's access to Swiss financial markets and paves the way for an extended trade deal.

Labour MP Paul Blomfield, co-convenor of the UK Trade and Business Commission, welcomed the agreement, noting its importance for regulatory certainty. He highlighted the EU as the UK's principal overseas market, calling for similar regulatory alignments to facilitate business and unlock the UK's economic potential.