It will create a framework to facilitate cross-border trade in wholesale financial services (Image: Getty)
Jeremy Hunt has signed a financial services deal with Switzerland aimed at easing UK firms' access to the Swiss market and vice versa.
Banking trade body UK Finance said it was a "landmark agreement" which could pave the way for deals with other key global financial centres.
The post-Brexit deal, based on mutual recognition of domestic laws and regulations, was signed by the Chancellor and his Swiss counterpart Karin Keller-Sutter in Bern.
Mr Hunt said it was a "global first" which "builds on the UK and Switzerland's strengths as two of the world's largest financial centres".
Powered By
00:00/00:58
10
10
GMB: Dr Sumi Manirajan on Junior Doctor's strikes
Share
Next
Stay
"It cements open access for financial services between our two nations for decades to come, helping us grow the economy and serving as a blueprint for future agreements with other key trading partners."
It will create a framework to facilitate cross-border trade in wholesale financial services, with the Treasury hoping this will boost the City of London.
Don't miss... Banks face fresh rules from City watchdog after 2,176 ATMs close in two years
When Britain left the European Union it risked losing the benefits of its former trading arrangements with Switzerland, which were based on Brussels' rules despite it not being a member state.
The new deal will mean frictionless, cross-border provision of financial services between the UK and Switzerland across areas such as asset management, banking and investment services.
UK Finance chief executive David Postings said: "The UK-Switzerland Mutual Recognition Agreement is a landmark agreement.
"Given it's been drafted specifically for the financial services sector, the market access provisions and measures aimed at removing regulatory barriers go much further than those normally included in trade deals.
DON'T MISS
Powered by
The world's least polluted city is an ideal destination for British expats
Comments
Best savings accounts and ISAs this week offering interest rates up to 8%
34 Comments
Base rate held at 5.25% as Bank of England sticks to 15-year high - what it means for you
8 Comments
Senior 'white male recruits' must be signed off by chief executive at major company
98 Comments
David Cameron in Brexit U-turn as he admits he is 'impressed' at Britain's trade success
770 Comments
Bank of England warns wages are rising too fast to lower interest rates
8 Comments
Mastercard and Visa face cap to cross-border interchange fees after 'undue' hike
4 Comments
Dominic Grieve's Rejoiner food price claim dismantled with simple chart
38 Comments
Britain is on brink of a recovery - now watch BoE governor Andrew Bailey sink it
106 Comments
Inheritance tax predicted to become key electoral issue as receipts soar
28 Comments
Inheritance tax to be 'battleground policy' in general election as receipts hit ￡5.2bn
13 Comments
Bank of England under fire after getting inflation prediction badly wrong yet again
354 Comments
'Get cash out of banks!' Warning world faces 'biggest crash in history just like 2008'
413 Comments
Sadiq Khan 'promoted airline for business class seats' as eco-hypocrisy called out
51 Comments
Huge Brexit win as British business thriving in Australia thanks to trade deal
422 Comments
'We're economics experts - here's why Big Tech poses major risk of crashing world economy'
1 Comments
‘We're winning!' Inflation drops to 4% next week with ‘FOUR interest rate cuts' in 2024
415 Comments
Tory MPs warn Jeremy Hunt the public need to see tax cuts
136 Comments
Kemi Badenoch hails ￡868bn UK exports bonanza in huge Brexit trade victory
2855 Comments
Abolish Bank of England! Shock new demand in explosive report after interest rate freeze
184 Comments
The world's least polluted city is an ideal destination for British expats
Comments
Best savings accounts and ISAs this week offering interest rates up to 8%
34 Comments
Base rate held at 5.25% as Bank of England sticks to 15-year high - what it means for you
8 Comments
Senior 'white male recruits' must be signed off by chief executive at major company
98 Comments
David Cameron in Brexit U-turn as he admits he is 'impressed' at Britain's trade success
770 Comments
Bank of England warns wages are rising too fast to lower interest rates
8 Comments
Mastercard and Visa face cap to cross-border interchange fees after 'undue' hike
4 Comments
Dominic Grieve's Rejoiner food price claim dismantled with simple chart
38 Comments
Britain is on brink of a recovery - now watch BoE governor Andrew Bailey sink it
106 Comments
Inheritance tax predicted to become key electoral issue as receipts soar
28 Comments
Inheritance tax to be 'battleground policy' in general election as receipts hit ￡5.2bn
13 Comments
Bank of England under fire after getting inflation prediction badly wrong yet again
354 Comments
'Get cash out of banks!' Warning world faces 'biggest crash in history just like 2008'
413 Comments
Sadiq Khan 'promoted airline for business class seats' as eco-hypocrisy called out
51 Comments
Huge Brexit win as British business thriving in Australia thanks to trade deal
422 Comments
'We're economics experts - here's why Big Tech poses major risk of crashing world economy'
1 Comments
‘We're winning!' Inflation drops to 4% next week with ‘FOUR interest rate cuts' in 2024
415 Comments
Tory MPs warn Jeremy Hunt the public need to see tax cuts
136 Comments
Kemi Badenoch hails ￡868bn UK exports bonanza in huge Brexit trade victory
2855 Comments
Abolish Bank of England! Shock new demand in explosive report after interest rate freeze
184 Comments
The world's least polluted city is an ideal destination for British expats
Comments
Best savings accounts and ISAs this week offering interest rates up to 8%
34 Comments
Base rate held at 5.25% as Bank of England sticks to 15-year high - what it means for you
8 Comments
Senior 'white male recruits' must be signed off by chief executive at major company
98 Comments
David Cameron in Brexit U-turn as he admits he is 'impressed' at Britain's trade success
770 Comments
Bank of England warns wages are rising too fast to lower interest rates
8 Comments
Mastercard and Visa face cap to cross-border interchange fees after 'undue' hike
4 Comments
"The innovative agreement sets an ambitious precedent and we hope it will serve as the new standard for future deals with other financial centres around the world."
For certain sectors it means that a firm based in the UK will be able to serve clients in Switzerland while largely following UK rules, and vice versa.
The Treasury said the deal will also mean that the UK will be exempt from a 2024 requirement for foreign insurance firms to establish a base in the country before serving Swiss clients.
Related articles Scammers are increasingly using AI to mimic bank details and steal money MPs warn banking chiefs not to 'frustrate' PPI claims Nationwide Building Society offers 8% 'top' rate on savings plus extra ￡200 'I was locked out of my NS&I accounts due to a two-step verification error' Has Suella cleverly sorted her new job? ask Vanessa Feltz
Become an Express Premium member Support fearless journalism Read The Daily Express online, advert free Get super-fast page loading
Start 30-day
FREE trial