The U.K. and EU struck a tentative deal that would give Britain’s financial services firms continued access to European markets after Brexit, the Times reported Thursday citing anonymous government sources.
British and EU negotiators have agreed on all aspects of their future relationship on services and the exchange of data, according to the paper.
“Under the services deal, the EU would guarantee U.K. companies access to European markets as long as British financial regulation remained broadly aligned with that of Europe,” the Times reported.
“Neither side would unilaterally deny market access without first going through independent arbitration and providing a notice period significantly longer than the current 30 days,” it added.
According to the Times, the agreement is for a high-level declaration of intent, but the technical details are yet to be hammered out.
However, a Commission spokesperson said in reference to the story: “This story is not substantiated. Negotiations on the withdrawal agreement [with the U.K.] are ongoing and there is a clear sequence. The future relationship will be negotiated after a deal on the withdrawal agreement is reached.”
The EU’s chief Brexit negotiator Michel Barnier also tweeted that press articles on Brexit and financial services are “misleading.”
Nevertheless, Reuters reported that the British pound jumped against the dollar following the news.
This article has been updated with more information.