The City should calm down – it could end up becoming a rule taker | Nils Pratley

Whatever Brexit deal on financial services has been mooted, it’s unlikely to have reached the nitty-gritty stageThe City should not celebrate too soon. If an EU-UK deal on financial services is in prospect, it won’t be the one that was originally hoped for. The UK’s old ambition for a “mutual recognition” pact was ditched in the summer because the EU wouldn’t tolerate anything that looked like cherry-picking. Thus Thursday’s excitement, which provoked a