EU Green Deal and Maritime Fuel
As we reported here, in July 2021, the EU published its update to the ‘green deal’, known as “Fit for 55” in reference to the 55% reduction in carbon emissions targeted for 2030.
The financial services industry constitutes around 7 per cent of UK GDP, directly employs 1.1 million people (two-thirds of them outside London) and contributes a significant proportion of tax revenue to the UK. An important part of the industry is the banking sector, consisting of UK domestic banks and non-UK banks that have established themselves in the UK (many of which use the EU passport to conduct cross-border business).
Following the UK’s vote to leave the European Union, the Association of Foreign Banks formulated a position statement earlier this year to reflect what they understood to be the key Brexit related issues for the foreign banking sector in the UK. This was followed by a survey, carried out with Norton Rose Fulbright, among the AFB membership gauging the foreign banking sector’s sentiment on Brexit. AFB members, including some of the world’s largest banks, responded, looking at three areas:
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© Norton Rose Fulbright LLP 2021