May dismisses City demands in Brexit plans

Britain's new Prime Minister Theresa May speaks outside 10 Downing Street in central London on July 13, 2016 on the day she takes office following the formal resignation of David Cameron. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP / JUSTIN TALLIS (Photo credit should read JUSTIN TALLIS/AFP/Getty Images)
(Photo credit JUSTIN TALLIS/AFP/Getty Images)

Prime Minister Theresa May and her team have dismissed the demands of the City of London to agree an interim deal with the European Union to ease the transition of Brexit, according to reports.

Bloomberg sources say the Government will not prioritise the protection of the City after the UK has left the EU, signalling a change from the approach of former prime minister David Cameron, whose “remain” campaign focused on the financial services sector.

In her speech at the Conservative party conference in Birmingham on Sunday, May did not refer to the City but said a Brexit deal should involve free trade in goods and services as well as joint efforts on counter-terrorism initiatives.

But speaking to ITV this week she said: “I recognise the concern that business has, they want to see a smooth process as we go through these negotiations and transition out of the EU.

“I want to make sure we’re listening to business and I’ve had meetings with businesses big and small and government ministers are talking to businesses across different sectors.”

At the conference May announced article 50, which kick-starts the formal process for leaving the EU, will be triggered by the end of March.