Correct poopscoop. any deal on financial services has been pretty much ruled out. LOndon cannot get better terms than new york or geneva have
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EU Referendum - are you in or out?
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Posted 7 hours ago #
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LONDON — The EU's chief Brexit negotiator has ruled out a free trade deal with Britain which includes financial services unless Britain remains in the single market, dealing a significant blow to the government's aim of securing a bespoke Brexit trade deal.
Speaking to newspapers including the Guardian, Michel Barnier said: "There is no place [for financial services]. There is not a single trade agreement that is open to financial services. It doesn’t exist."
Barnier said the result would be a consequence of "the red lines that the British have chosen themselves. In leaving the single market, they lose the financial services passport."
Posted 7 hours ago # -
Oh - and contrary to THMs fantasy in a quoted post we have not moved on to the second stage of negotiations yet
Nothing can happen on the second stage of negotiations - the difficult and complex bit until march. given that the easy bit took 18 months ( for May and co to cave in on every demand) then the idea we can negotiate a comprehensive bespoke trade deal in a year is simply ridiculous
Barnier was speaking three days after EU leaders agreed the UK had made enough progress on the Brexit divorce – citizens’ rights, the Brexit financial settlement and the Irish border – to allow talks on the future.
He said the next key moment would be an EU summit in mid-March, when EU leaders are due to sign off guidelines that will lay out red lines and hopes for the future. “I hope very much that we will have a clear position from the British government by this time.”
Posted 7 hours ago # -
new york or geneva
Both the US and Switzerland have equivalence in many fields
More rubbish in the Independent being corrected
Posted 6 hours ago # -
mefty - Member
new york or geneva
Both the US and Switzerland have equivalence in many fieldsGenuine question,
Do they have a good terms as London does at the moment within the EU?Posted 6 hours ago # -
Correct poopscoop. any deal on financial services has been pretty much ruled out. LOndon cannot get better terms than new york or geneva have
Not so TJ. Barnier has already said otherwise, see my earlier post on recognising uk regulations as equivalent to eu. No deal on financial services (financial and otherwise) means no deal at all means no money post March 2019. We won’t have full “passporting” and in fact nor should we, its not desirable imho. Not worth the trade offs.
EU want a deal on agriculture and UK want one on services. That will be the trade off / agreement. See TM’s trade deal priorities for the UK, services and manufacturing. EU’s priority is agriculture first and manufacturing second.
New York has no deal at all with EU on financial services. Switzerland has a bespoke one. Switzerland is a net exporter to the EU, UK a net importer. It makes sense for the EU to agree a “better deal” with UK on services than it does with Switzerland in order to get tariff free access to our market fpr other goods.
Posted 6 hours ago # -
Brexit caused 37 percent fall in new London financial jobs in December - report - Reuters
https://apple.news/AQJCVJStaSli6oB9byCJxqAPosted 6 hours ago # -
New York has no deal at all with EU on financial services.
Fair point, but New York isn't the financial capital of Europe either
Posted 3 hours ago # -
Poops. Very good question which unfortunately has been hijacked above by nonsense and Ill-informed comment.
It’s both very complicated and simple at the same time. Official documentation runs to many hundreds of pages and our own internal one does too. The reason it is complicated is that different activities are covered by different passports which in turn have different treatments under equivalence (which is itself complicated). To keep things very simple, the most positive outcome is a deal that includes passporting. If that doesn’t happen we will move to equivalence (several different forms and process itself is complec but let’s keep it simple). This may require the relocation of some activities to Europe and again may require banks to have different legal structures (this is where it gets complicated). So skip the detail, Uk banks have subsidiaries in EU already - all in different centres despite the BS about Paris ^ - that already gives them passporting rights. So there is a lot of noise on the issue but as normal banks have already positioned themselves for all outcomes. Ultimately it’s a red herring. The CEO of Barc said as much last year.
All that remains is the ultimate detail which will determine which activities will need to be physically located. Bank estimates have gone from the 000s to the 00s ie approx 5% of people currently located in London max.
Bottom line - yes it’s a PITA but it is manageable and indeed has already been managed. In the meantime, the EU will creates lots of noise around “equivalence” as part of their negotiating tactic. This can be ignored unless you want to get lost in the kind of ill-Informed twiddle and mis-edukated comments that are being used to stifle understanding and overturn the democratic process.
If you want to get into the detail I would refer you to the EUs own study on the impact which is very thorough but stops before what banks are currently doing. It’s a long read though.
Posted 58 minutes ago # -
We won’t have full “passporting” and in fact nor should we, its not desirable imho. Not worth the trade offs.
I disagree with J’s conclusion here. We “may” continue with full passporting and this would clearly be the preferred option and the most desirable for both sides. Narrow self interest may get in the way in the meantime.
We shall see. As with the thread the surrounding noise while be entertaining if not informative .
Posted 36 minutes ago # -
If that doesn’t happen we will move to equivalence (several different forms and process itself is complec but let’s keep it simple).
Can I ask how you know this?
Posted 3 minutes ago #
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