Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK signs financial deal with Switzerland

by December 21, 2023
December 21, 2023
UK signs financial deal with Switzerland

Chancellor Jeremy Hunt is in Switzerland to sign a deal that makes it easier for UK and Swiss financial firms to deal with each other.

Trade in financial services between the UK and Switzerland is worth more £3bn.

The government is hoping that the Berne Financial Services Agreement will help that figure grow.

The deal means that Switzerland and the UK will recognise and accept each other’s regulations.

It goes further than the relationship that both the UK and the Swiss have with the European Union.

Mr Hunt insisted that the agreement was only made possible by the UK being outside the EU.

Negotiations have been under way since June 2020 when Prime Minister Rishi Sunak was chancellor.

The bosses of British finance firms have welcomed the fact that the deal is “dynamic”, which means that the relationship will evolve as regulation in both markets changes over time.

Switzerland is home to over $2 trillion in wealth controlled by some of the world’s richest people. It is also a major centre for insurance and re-insurance – which is how insurance companies insure themselves against abnormally large or catastrophic losses.

This is also a key strength of London which is home to Lloyd’s, which is the world’s largest insurance market.

It is understood that getting agreement from the insurance industries in both countries was the trickiest part of the deal.

It is the UK’s third largest non-EU trading partner after the US and China.

Finance chiefs in the UK hope that the Swiss deal will form a model for agreements with other major financial centres – with Singapore mentioned by several people as the next location.

London’s position as the pre-eminent European financial centre has been dented in recent years as trading in shares of European companies has moved to European exchanges including Paris and Amsterdam.

It has also seen a number of high profile UK based companies, including ARM Holdings, move their primary stock market listing to New York.

Meanwhile, Switzerland has seen the collapse of Credit Suisse, one of its biggest and oldest banks.

The signing will provide some cheer for both sides when Mr Hunt and his counterpart Karin Keller Sutter meet on Thursday.

Separate to this financial services agreement, the UK is also currently negotiating a deeper and wider free trade agreement with Switzerland.

Read more:
UK signs financial deal with Switzerland

0
FacebookTwitterGoogle +Pinterest
previous post
Getting to Know You Profile: Andrew McNeill
next post
Sun Shines on the Federal Reserve’s Expansionary Powers

You may also like

The Consequences Of Legal Translations

October 10, 2022

Good managers talk but great managers listen!

February 5, 2024

Sales rise at Euan Blair’s Multiverse but annual...

March 29, 2025

Openreach scales back UK ultrafast fibre broadband

November 24, 2022

New data suggest Welsh employees more focused on...

April 17, 2024

Labour market data highlights urgent need for action...

April 17, 2025

Unions condemn ‘witch hunt’ against flexible working as...

October 7, 2024

How to Get Started in Graphic Design

February 10, 2023

Galleries and libraries to act as ‘warm banks’...

August 30, 2022

Cost-effective Marketing: Branded Corporate Gifts for SMEs

January 10, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • All In or Fold: Recognising When to Double Down on a Business Idea

      June 12, 2025
    • Mostly AI launches $100k global challenge to spotlight privacy-safe synthetic data for AI development

      June 12, 2025
    • Firstgroup quietly ends long-running employee director policy

      June 12, 2025
    • Poundland sold for just £1 as up to 200 stores face closure amid major restructuring

      June 12, 2025
    • Mary Portas leads Westminster rally for Better Business Act as momentum grows for purpose-led reform

      June 12, 2025
    • Oxford Said alumni win £700k UKRI backing to power Nigeria with clean, off-grid energy

      June 12, 2025

    Categories

    • Business (8,196)
    • Investing (2,027)
    • Politics (15,607)
    • Stocks (3,142)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved