A Dutch government-commissioned report has stressed the importance of City access ahead of Brexit talks

Committee member Rem Korteweg told City A.M.: “If you leave the Single Market then passporting doesn’t make a lot of sense, but the City plays a very important role in terms of capital provision across the EU 27. So what we would want is the second best version – a beefed up version of equivalence.

“We noted the moment the UK leaves the EU its regulations and standards will be 100 per cent equivalent to the EU 27. That should be the basis for continued use of the City as the main capital provider for the EU 27.”