Following the approval in March 2018 of the Draft Agreement on
the UK's withdrawal from the EU (see our
Newsletter April 2018), including arrangements on a transition
period to run until 31 December 2020, the UK Government adopted a
White Paper on 12 July 2018, setting out its
proposals for Brexit and containing a blueprint of its view on the
future relationship with the EU.
In the White Paper, the UK Government proposed an economic
partnership to the EU comprising, inter alia, a new free
trade area for goods. On financial services, the White Paper
included a proposal to conclude a bilateral framework of
treaty-based commitments respecting the regulatory autonomy of both
parties and including an expansive equivalence regime. The White
Paper also envisaged the possibility for the UK to establish an
independent trade policy with the rest of the world and set out
principles for a future security partnership as well as
institutional arrangements for the future
