Reuters reports that a report by Britain’s upper house of parliament said that the City of London may be better off staying out of the EU’s financial services market as it would have to sacrifice autonomy over setting rules to win full access.

The European Union has yet to grant Britain direct financial market access after it left the bloc on Dec. 31.

Brussels will consider whether to grant full access, known as equivalence, once it has agreed a memorandum of understanding with Britain on a new forum for cooperating on financial rules, an agreement that is due by the end of March.

“We agree that broad positive equivalence determinations would best meet the needs of practitioners in both the UK and the EU, but recognise that in many areas the EU is unlikely to grant these without the UK sacrificing more decision-making autonomy than equivalence is worth,” the lawmaker’s report said.

The Bank of England has warned that Britain’s financial services industry, which accounts for 7% of the country’s economic output, should not be forced to accept EU rules.