On 31 October 2019, HM Treasury published a letter from John Glen, Economic Secretary to the Treasury, to Sir William Cash, House of Commons European Scrutiny Committee Chair (Committee), addressing questions raised by the Committee relating to the UK’s access to the EU financial services markets after Brexit.

In the letter, Mr Glen confirms that the UK Government (Government) is not seeking any changes to the financial services text in the revised Political Declaration on the future relationship between the UK and the EU. Further, he confirms that the Government is seeking equivalence under EU law post-Brexit as part of its deep and comprehensive future relationship with the EU. He refers to the text in the Political Declaration that sets out the intent of both parties to immediately begin assessing equivalence with respect to one another’s existing frameworks once the UK withdraws from the EU. These assessments are expected to be concluded before the end of June 2020.

In relation to the Committee’s question on which pieces of European legislation will be prioritised for equivalence, Mr Glen provides no answer at this current moment in time.