Brexit financial services deal ‘imminent’, says minister

A financial services Brexit deal will be “imminently” secured with the EU, according to minister John Glen.

Britain is hoping for an improved version of the EU's equivalence system, which allows foreign firms to trade in the EU if their rules are aligned to those in the union.

Glen, the financial services minister, said he is “extremely confident we will reach an imminent deal”, Reuters reported.

“There is common ground. That is why we are increasingly positive on the expectation of reaching a deal,” he said at a conference in London today.

"There is no competitor worthy of replacing us," he added. 

Glen's comments come days after Theresa May denied reports that a Brexit deal to provide financial services firms access to European markets is almost secured.

The Time reported that The City’s access to financial markets in the EU after the UK exits the bloc next year would be based on the EU’s so-called equivalence system.

However, Theresa May's spokesperson dashed hopes of such a deal being close, saying: "When the BBC chooses to lead its bulletin on a speculative page 14 news story, it is time for everybody to take a deep breath."