. >> lloyd's of london plans to open a european union hub in brussels following brexit. the insurance market founded in the british capital in 1688 expect the office of the -- to be operational at the beginning of 2019. >> we had a contingency plan before the referendum. as soon as a result came through, we began to put the flesh onto it. he rapidly concluded the right solution for lloyd's was to form a subsidiary of the lloyds market onshore e.u. i believe london will remain the financial center for lloyds. but obviously, if you look at other parts of the financial services sector, they have slightly different criteria at work. i think you will see some transfer. but i still think that london will remain a very powerful financial center. jon: theresa may will have a year to work on the sweeping trade deal she wants. >> the e.u. came out playing hardball with the u.k., saying we will not negotiate a free trade agreement with you want to you come to an agreement on some of these issues. having said that, there were glimmers of an overture. if you look at the language that donald tusk used, it

remain the financial sector in europe. it will certainly remain the major financial sector for lloyd 's. obviously if you look at other parts of the financial sector, they have slightly different criteria at work. you will see some transfer. london will remain a powerful financial center. >> the eu signaled theresa may will have just one year to work on the trade deal. expected came out as playing hardball with the u.k., saying they would not renegotiate a free trade agreement until you come to an agreement on these issues. that thet is this bill u.k. owes the eu. having said that, there were glimmers of an overture. if you look at the language that donald tusk used, he basically said, we will talk to you about your free-trade agreement if we can see sufficient progress on these key issues like the bill. everything does not have to be signed sealed and delivered before moving to free trade. >> there won't be bilateral talks with specific nations. there can't be talks with specific sectors. they came back to the issue of no cherry picking if you are not in the single market. >> these are