On 2 March 2018, the Prime Minister, Theresa May, gave a speech at the Mansion House in London on the UK's future economic partnership with the EU.

In the speech, among other things, Mrs May confirmed that the UK intends to agree a free trade agreement (FTA) with the EU, covering financial services. She stated that the UK and the EU should establish the ability to access each other's markets, based on the two jurisdictions maintaining the same regulatory outcomes over time, with a mechanism for determining proportionate consequences where they are not maintained. She said that there should be a collaborative, objective framework that is reciprocal, mutually agreed, and permanent and reliable for businesses.

Mrs May also said that the Chancellor of the Exchequer, Philip Hammond, would set out details of how financial services could form part of an FTA (see item above). She also said that the UK is not looking for passporting because it understands this is intrinsic to the single market of which the UK would no longer be a member. It would also require the UK to be subject to a single rule book, over which it would have no say.