| What's happening? Paris has become one of the hottest finance job markets in Europe, and Britain looks to join an existing trade deal between the U.S., Mexico and Canada. France is the place to look for a job in banking, from JPMorgan Chase & Co. to Goldman Sachs Group Inc. and Morgan Stanley, all of which are beefing up operations in Paris post-Brexit. The city has become one of the hottest job markets in Europe for finance professionals. France's biggest investment banks are dangling pay bumps and flexible work arrangements to retain top performers. And the days when junior bankers in France were paid less than their U.K. counterparts may soon become history. A U.S.-U.K. trade deal was supposed to be one of the major prizes of Brexit, yet Prime Minister Boris Johnson told reporters on a plane to New York that he doesn't expect talks to conclude before the next U.K. general election, due in 2024. Then, hours before meeting with President Joe Biden, a person familiar with the matter said that the U.K. is exploring joining an existing deal between the U.S., Mexico and Canada — a major strategy shift. All that, of course, after the U.K. joined the U.S. and Australia in a submarine deal that angered France. Boris Johnson, left meets President Joe Biden in Washington, D.C., on Sept. 21. Photographer: Al Drago/The New York Times/Bloomberg Lobby groups for European banks, investment managers and hedge funds called on the European Commission to extend their access to London's clearinghouses — known as equivalence. They warned of significant market disruption unless a temporary waiver, set to expire in June, is continued. British voters are being invited to advise on which EU rules the government should drop as the U.K. inches further away from Brussels' dominance over its regulations. Brexit minister David Frost also announced plans to allow traders to sell goods in imperial units, a practice the bloc previously restricted. The supply-chain impact of Brexit has "yet to be fully manifested," Ireland's prime minister told Bloomberg Television. Micheal Martin said that the U.K. needs to engage with the same approach as the EU to solve tensions around the Northern Ireland protocol so that they don't "undermine what has been a transformative journey in terms of the relationship between Britain and Ireland over the last 30 years." Pushing back on Johnson's account of events, Dutch diplomats denied that their Prime Minister Mark Rutte had offered to mediate between the U.K. and EU in a post-Brexit standoff over Northern Ireland. Instead, they said, Rutte wants Johnson to be constructive and pragmatic with the European Commission. — Lizzy Burden We aim to keep you up to date on how the U.K. navigates the world after Brexit. Got tips or feedback? Email us at beyondbrexit@bloomberg.net or eburden6@bloomberg.net Brexit and Covid-19 drove more than 200,000 EU citizens out of the U.K. last year, official data show. While the number of non-EU citizens living in the country was little changed at 2.6 million, the number of EU nationals fell from 3.7 million in 2019 to 3.5 million. The loss helps to explain why Britain is experiencing labor shortages that are leading to empty shelves at stores, pushing up prices and threatening the recovery from the pandemic recession. Sectors such as retail and hospitality rely heavily on EU workers, and it's unclear how many of those who left the country will return. You can follow us @Brexit on Twitter, and listen to Bloomberg Westminster every weekday. Share Beyond Brexit: Colleagues, friends and family can sign up here. For full EU coverage, try the Brussels Edition. You can find all of our newsletters here, but here are some we think you'd particularly enjoy: Bloomberg is also tracking the progress of coronavirus vaccines and mapping the pandemic. Sign up here for our Coronavirus Daily newsletter and here for our podcast. Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and expert analysis. |
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