Punishing UK financial industry doesn't makes sense for EU: minister

October 13, 2016 5:05 AM EDT

Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. REUTERS/Greg Bos/File Photo

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LONDON (Reuters) - Punishing Britain's financial sector during negotiations on the country's exit from the European Union would not make economic sense for the bloc, British foreign minister Boris Johnson said on Thursday.

"Any attempt, as it were, to punish UK financial services, as the former governor of the Bank of England said ... it doesn't make economic sense for Europe," Johnson told a committee of lawmakers.

He also said the term 'single market' was "increasingly useless" and that Britain hoped to negotiate a deal with the EU that would be of greater value than the current arrangement.

(Reporting by Kylie macLellan, writing by William James; editing by Elizabeth Piper)

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