Now we have the details of the full agreement between the UK and the EU, we thought we would outline some of our initial thoughts in this thread. 1/8

While a deal is welcome, financial and related professional services are clear-eyed about the potential implications for our industry. 2/8

This deal provides less access for financial and related professional services trade between the EU and UK than before. However, we have known this would be the case for some years. The industry is therefore well prepared to support customers and clients. 3/8

The financial services provisions in the deal appear to be fairly standard for an FTA. This is positive and we would hope this can be built on in the future. 4/8

A key point from this deal for financial services is that both Parties will, by March 2021, agree a Memorandum of Understanding establishing the framework for regulatory cooperation, including discussions on equivalence determinations. 5/8

For legal services, this agreement is rooted in best FTA precedent but also goes further in places, including a right for lawyers to practise under their home title in-home and public international law (subject to Member State reservations). 6/8

We also welcome the role given to professional bodies in progressing the recognition of professional qualifications. We hope to see some rapid progress here in the coming months. 7/8

The task now must be to move the deal rapidly through ratification, allowing both sides to use this agreement as a foundation on which to build, and not a ceiling to future ambition 8/8