Commenting on HM Treasury's announcement that Switzerland and the UK will negotiate a bilateral financial services agreement, Bob Wigley, UK Finance Chair, said:

The proposed UK-Swiss agreement on financial services announced by the Chancellor today builds on the close relationship that already exists between our two countries, making it easier and cheaper for customers to access the financial services they need.

?This bespoke agreement is based on strong regulatory and supervisory cooperation between the UK and Switzerland. The approach envisaged by this deal incorporates crucial building blocks for future financial services deals with our global trading partners and marks important progress for ensuring the UK remains a global centre for banking and finance.