London – British banks are pushing for stronger connections with the European Union, a move revealed in a report released Monday by UK Finance, the industry’s leading lobbying group. The request comes ahead of a crucial summit in July between Prime Minister Keir Starmer and European Union officials, intended to “reset” the relationship between the UK and the EU.

The report highlights concerns within the financial sector about the current barriers to trade and investment that have arisen since Brexit. UK Finance argues that closer alignment with EU regulations and greater access to the single market would benefit both the British economy and the EU.

Specifically, the report calls for discussions on mutual recognition of financial services standards and simplified procedures for cross-border transactions. Banks are reportedly worried about the impact of current regulations on their ability to serve clients across Europe and compete effectively with EU-based institutions.

The summit between Prime Minister Starmer and EU representatives is anticipated to be a significant opportunity to address these issues. While the agenda is still being finalized, sources suggest that financial services will be a key topic of discussion. The UK government has previously expressed a desire to improve its relationship with the EU, but significant differences remain on a range of issues.

UK Finance represents over 280 banks, insurers, asset managers, and fintech companies in the United Kingdom. The group’s report reflects the growing pressure from the financial sector for a more pragmatic approach to post-Brexit relations with the EU, emphasizing the mutual benefits of cooperation and reduced trade friction.