A possible move by the UK government towards a permanent customs agreement with the European Union once again leaves out key service sectors such as finance and law. Regardless of any move toward securing the free movement of goods, many companies in London will be going ahead with contingency plans. However, the blueprint takes Prime Minister Theresa May’s previous proposals one step further by offering some hope for banks and financial services in pushing for favorable future trade negotiations.
In the Law360 article, “UK Financial Services See Hope In Customs Union Plan,” Morrison & Foerster partner Jeremy Jennings-Mares offers that “on the other hand … if that becomes the most MPs can coalesce around, and that actually stands a chance of forming a deal … then you would have to say for a financial services provider [the customs union plan] is a good thing.”
Read the full article here.