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The government's Brexit blueprint revealed: City's model dropped

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The government is no longer seeking mutual recognition as the basis for the City’s future trading relationship, its Brexit blueprint revealed this morning.

Despite chancellor Philip Hammond having made an impassioned speech defending mutual recognition and rejecting equivalence as a land grab in which the EU could have final say on access just three weeks ago, the government is now proposing “expanded” equivalence to underpin financial services.

But in the near-100-page document, published moments ago, the government outlines its vision for a “new economic and regulatory arrangement based on the principle........

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