City of London 'impossible' to replicate, Hammond warns rival European cities

10 March, 2018, 00:49 | Author: Roderick Gutierrez
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They did not specifically mention London's call for its financial services industry to continue having unfettered access to European markets, but said that in "trade in services" Britain would be treated as a third country with different rules to the EU.

Mr Tusk claimed Britain had so far failed to come up with "specific and realistic" alternative proposals to keep the Irish border open without reverting to the EU's "backstop" option which has provoked such anger.

"The UK will be our closest neighbour and we want to remain friends and partners after Brexit - partners that are as close as possible, just like we have said from the very first day after the referendum", he said.

Tusk also dashed UK's hope to include financial services in the future relation agreement, as demanded by UK's chancellor of the Exchequer Philip Hammond on Wednesday.

On Tuesday the French economy minister, told BBC Radio 4: "Financial services can not be in a free trade agreement... we have to rely on equivalence regimes, that is the best solution for financial services".

"We will aim for one covering all sectors, and with zero tariffs on goods". "I have proposed an exchange of goods without tariffs, with some services and fishing".

May's speech, entitled "Our Future Partnership", was an attempt to settle doubts over how Britain sees its future outside the European Union and its economic architecture and to try to ease frustrations in Brussels over what they say is a lack of detail.

The EU's most ambitious trade deal to date, with Canada, took years to negotiate and includes some services. "It will make it more complicated and costly than today".

"This is the essence of Brexit", he added.

"A pick and mix approach for a nonmember state is out of the question".

In defending the EU's draft withdrawal treaty, the analysis notes that the draft did not include any reference to paragraph 50 of the "Joint Report" agreed by the European Union and December that clinched "sufficient progress" in Phase 1 of the Brexit negotiations.

Prime Minister Theresa May has acknowledged that leaving the EU's unified market means UK-based companies will lose the financial passport that enables them to do business across the EU.

EU Parliament negotiator Guy Verhofstadt said: "In order to break the deadlock we now face, I believe it is important that the UK Government now seriously considers engaging with the European Parliament's proposal". We're not going to sacrifice this principle.

"It is about time the Prime Minister realised that the proud British people are sick and exhausted of being pushed around by the "cultured thugs" of the European Union and reclaiming our fishing industry would be a bloody good place to start the fightback!"

Shanghai, China based Ashton Whiteley analysts say that although France maintains that it is not taking a hard line on Brexit negotiations, it does not see a strong possibility of a free trade deal being struck which grants the United Kingdom the level of access it seeks for financial services.


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