‘In leaving the sole market, they lose the monetary companies and products passport’: Michel Barnier tips out a Brexit replace deal for the City of London

The EU’s chief Brexit
negotiator Michel Barnier
Francois
Lenoir/Reuters

• The EU’s chief Brexit negotiator Michael Barnier has
  ruled out the likelihood of a replace deal which contains companies and products
  except Britain remains in the sole market.
• « In leaving the sole market, they lose the monetary
  companies and products passport, » talked about Barnier.

LONDON — The EU’s chief Brexit negotiator has ruled out a free
replace take care of Britain which contains monetary companies and products except
Britain remains in the sole market, dealing a indispensable blow
to the authorities’s purpose of securing a bespoke Brexit replace deal.

Talking
to newspapers including the Guardian, Michel Barnier talked about:
« There’s no space [for financial services]. There could be now no longer a
single replace agreement that’s launch to monetary companies and products. It
doesn’t exist. »

Barnier talked about the culmination would be a culmination of « the crimson traces
that the British receive chosen themselves. In leaving the sole
market, they lose the monetary companies and products passport. »

A failure to organise a deal including companies and products could maybe well successfully be
catastrophic for Britain’s monetary companies and products sector, which
relies on the European monetary passport for noteworthy of its replace.

Responding to Barnier’s feedback, a lobby community for Britain’s
monetary companies and products sector accused Barnier of « playing Scrooge. »

« It could maybe well successfully be Christmas, however Michel Barnier doesn’t prefer to play
Scrooge, » talked about Miles Celic, chief executive of TheCityUK.

« Correct because monetary companies and products receive now no longer been encompassed in
free replace agreements as much as now could maybe well be no motive to push apart them from a
future UK/EU free replace agreement.

« Products and companies expand around eighty% of the UK’s economy – and around 70%
of the EU’s, with monetary companies and products making up a indispensable
component of that. It is wanted for the lengthy glide competitiveness of
the UK, and Europe as a total, that UK and EU negotiators work to
secure an ambitious and total deal. »

The passport is a neighborhood of tips and regulations which allow
UK-basically basically based finance firms to replace with and promote their companies and products into
Europe.

Brexit secretary David Davis final week talked about the UK can receive a
« Canada plus plus plus » replace take care of the EU after Brexit. It
would involve « Canada plus the pleasant of Japan, the pleasant of South
Korea and that the bit that’s lacking, which is the companies and products, »
Davis talked about.

Regardless of that, no non-EU member suppose has ever negotiated replace
phrases with the EU that extends to monetary companies and products.

Barnier also talked about that Britain must settle for the EU’s « total
architecture » — including all directives and tips introduced
when Britain now now no longer has a teach in the EU decision-making
course of — as half of any transition deal.

He talked about: « The same tips for all americans – right here’s the spirit of the
transition. »

That can perhaps well suggest the UK retains freedom of motion, the Total
Fisheries Policy, and a role for the European Courtroom of Justice
for a two-year interval.

The transfer is prone to madden pro-Brexit cupboard ministers, who

reportedly baulked on Monday at Theresa Would possibly maybe well simply’s calls in
parliament for a « station quo » transition deal.