LONDON, Jan 31 (Reuters) - Britain must not be dictated to by the European Union over financial rules after it leaves the bloc, Lloyds Banking Group Chairman Norman Blackwell said on Wednesday.
Britain and the EU are due to begin talks on the future shape of their trading relations, including how much access banks, insurers and asset managers in the City of London financial district will have to the EU market after Brexit.
“It’s difficult to imagine a situation that London and the UK can be a rule-taker from Europe,” Blackwell told a conference on Brexit and financial services.
“We couldn’t allow our financial services to be dictated to without having a say in how those regulations work,” Blackwell said.
If access from Europe to London as a global centre of liquidity is blocked, the main cost of that will fall on European companies that have less ready access to global markets, he added.
Reporting by Huw Jones; editing by Jason Neely