Tory MP Jacob Rees-Mogg has said we ‘shouldn’t get too hung up’ on the importance of passporting rights for financial services firms within the Brexit negotiations.

Current passporting rules allow banks and other financial services companies who set up their operations in the UK to access the EU market. 

A report published today by consultancy Oliver Wyman and lobbying body The City UK said that if the UK lost its passporting rights up to 35,000 jobs could be at risk, as well as around £5 billion in tax revenues.