Britain, EU strike financial services deal — BREXIT

An Irish passport resting upon a United States map

Workers are seen in an office tower in the Canary Wharf financial district at dusk in London, Britain.

The opposition Labour Party has all but ruled out supporting any deal May reaches with Brussels, leaving the prime minister reliant on her slender parliamentary majority that comprises her own divided MPs and coalition partners the Democratic Unionist party.

In private, officials on both sides say the next time major Brexit news breaks is likely to be when they have agreed to the terms of the divorce.

"We are making progress", the official, who spoke on condition of anonymity, told Reuters.

The BBC's political editor Laura Kuenssberg reports her sources as saying it remains "too early" to tell if there is a way of putting together a deal that will be approved by Prime Minister Theresa May's Cabinet.

However his department later said there was "no set date" for the negotiations to conclude and stressed that the November 21 date related to the possibility of appearing before the committee.

But reports from Dublin had suggested that a deal involving an all-UK customs union in the Withdrawal Agreement, plus a separate backstop for Northern Ireland, is close to being agreed.

Many top bankers fear that Brexit will slowly undermine London's pre-eminent position as the world's biggest worldwide financial centre and a Reuters survey found that, so far, just over 600 are moving away.

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With Britain's withdrawal from the European Union scheduled for the end of March next year, with a possible transition period beyond that and with divorce talks between Britain and the European Union stalled, Carney stressed the uncertainty of the current situation.

The pound rose 1 percent against the dollar on the back of the story in the Times newspaper that said the UK's financial services companies will be able to operate in Europe, post-Brexit, as they do now.

With the United Kingdom economy performing much better than expected, the Bank of England (BoE) governor Mark Carney has increased rates by 50 basis points. Britain is now home to the world's largest number of banks and hosts the largest commercial insurance market. On release front today, USA markets will see release of NFP report, dropping at 12:30 GMT and markets will be coiling ahead of the key jobs report, but before that will be the UK's Construction PMI for October (forecast 52.0, last 52.1), at 09:30 GMT.

Meanwhile, New York is by some measures bigger, it is more centred on American markets.

"Once the MPC (Monetary Policy Committee) gets the Brexit "green light", we expect two hikes in 2019, in May and November - sooner, and by more, than markets expect".

The arrangements being discussed fall far short of that. Neither side would unilaterally deny access without arbitration.

Theresa May is hopeful of keeping Britain in a customs union and avoiding the need for a hard border in Northern Ireland after receiving "private concessions" from the European Union, according to reports.

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