London's City to Send Delegation to Brussels to Discuss Post-Brexit Deal

The representatives of London's City would send a delegation to the European Union this week to discuss a post-Brexit agreement on financial services due to the concerns over the consequences of the United Kingdom's withdrawal from the 28-nation bloc, local media reported Monday.

MOSCOW (Sputnik) — The Financial Times reported, citing own sources, that the delegation would move to Brussels with a secret blueprint for the free-trade deal amid fears that Brexit would inflict damage on the interests of financial institutions headquartered in London and would make them relocate their offices to other countries from the United Kingdom.

According to the newspaper, the plan focuses on the "mutual access," which would allow companies from both the United Kingdom and the European Union to work in each other's markets without any limitations after London's potential withdrawal from the single market.

The newspaper reported that the initiative led by former UK City Minister Mark Hoban was unofficially supported by several representatives of the country's government.

The concerns about London's future as the major European financial center emerged after the majority of Britons backed the country's withdrawal from the European Union. Several financial institutions, including Russia's VTB have already announced that they would move their European offices out of the UK capital to other cities of the continent after the country left the 28-nation bloc.