Brexit: UK, EU reject reports of financial services deal

The pound sterling had risen against both the US dollar and the euro on Thursday after reports of a deal with Brussels on financial services after Brexit.

But Downing Street dismissed the report later in the morning: “This is speculation. While we continue to make good progress, agreeing new arrangements for financial services negotiations are ongoing.”

The Times newspaper had reported that UK financial companies would have access to European markets so long as UK financial regulations were broadly in line with those in Europe. Quoting unnamed UK government sources, the newspaper said the deal covered both financial services and the exchange of data.

Under the reported terms of the plan, market access could not be denied unilaterally without independent arbitration and after consultation over a longer period than the current 30-day period. It was not clear from the report who would be the independent arbiter.

EU negotiator Michel Barnier went on Twitter to call

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