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Brexit financial services battle with Brussels explained

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FT financial editor Patrick Jenkins explains what the battle between Brussels and the UK is about over the future relationship of the City of London with the EU, and why EU chief negotiator Michel Barnier has rejected the UK’s ‘enhanced equivalence’ plan

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Square In Square says:

FT should invest some money into a better production team. And maybe a better camera. How a major news organisation can have such low quality video is beyond me.

undogmatisch says:

Willfully leavin the EU, but still demanding special treatment.

John Smith says:

Has anyone noticed that all of the brexit armageddon disaster scare stories are the same ones used for the millennium bug eighteen years ago?

We are old that if we leave the EU on World Trade Organisation terms, large numbers of businesses will fail, all aircraft will be grounded and food will run out. It's not clear if these scare stories are simply exaggerated by the media or planted by the government; however, it is well known that in times of crises the public are much more likely to believe what they are told by the government. This means that characterising the negotiations as a crisis, and a World Trade Organisation brexit as a certain disaster, is a considerable help to the prime minister in getting the public to accept her deal to remain in the customs union.

This does appear to be part of the government's news and expectation management strategy and a further indication that a deal has been done to keep the UK in the EU in all but name. It seems that the government are now just conditioning the public to accept this outcome.

luci78 Cozma says:

Leave EU. Of course you lose things. Won’t be as before. So don’t complain guys !

luci78 Cozma says:

UK has a lot of demands. Europe not stupid to give them. Of course. They want to go Nobody send them out They want out. So suffer now !

Soordhin says:

Many in the UK do not see, that already the passporting right for the Eurozone was actually a privilege, it was not a right. To get that privilege for the UK was actually a huge political win, that was however never seen as such. But being able to offer financial services for a currency zone without being in the currency zone is extremely unusual, especially considering that it included the major clearance facility for that currency zone outside of it. Now, there is of course no question, that for the rest of the EU financial services can be anywhere in the EU, but only in the EU. There could be an argument for it to be in the single european market, as that includes freedom of services as one of the four freedoms. However, since the UK did decide that it does not want to be in the single european market, a decidedly british invention by itself, why in whatever deities name would they ever think about having access to that market?

It is simple, out means out. For banks, persons, goods and whatever else, including services of all kinds. Sad to see you go, but thanks for the music, and don't let the door hit you in the back, but good bye for good!

Rui de Almeida says:

It's very pungent to see so many concern from the brexiteers about the UE… once they are out. When inside EU, none of them ever given a damn. 😀

Snoort Pod says:

Mirror, mirror on the wall, whose Department Of Smoke and Mirrors is fairest of them all?

Alan Heath says:

The Quitters want to destroy the UK economy so that immigrants won't want to come here. The plan seems to be working. The good news for Farage, Davies, Johnson etc is that the financial meltdown won't effect them.

The Arcadian says:

Euphemistic language??? Oh….you mean talking epic bollocks?

SM says:

why the inverted colours…

Maurazio says:

if they grant that to the UK then I hope they will grant it to switzerland too, it wouldn't be fair otherwise

David Carpin says:

Join UKIP now and reject project fear

John Horgan says:

Thanks FT. A good effort at explaining it. I'm still confused, but at least I vaguely understand what I'm confused about.

liefhebber179 says:

Services is gone, just accept that.

laurejon says:

Its fine, few working class people work in Financial Services, its very London centric and often the staff are from overseas.

The sector pays very little in corporation tax, it can be offshored to Europe without too much fuss.

Terence Mac Sweeney says:

The recent White Paper is a pile of waffly fudge and will not distract the EU27 from choosing the kind of relations with each other they want. As March 29 approaches it is inevitable the penny will drop in London, i.e. the EU is a trading block and it works with common standards, common specifications, and common laws. Together these provide clarity, distinguish black from white, facilitate trade: books of waffly fudge are good for lawyers and nobody else. The UK has chosen not to be part of the EU. OK, life goes on.

Remco Van Ek says:

the EU bullies…Whaaah I want my bwexit.

Jay Simmons says:

More bad news on the horizon for the EU. Sweden are about to vote in an anti EU government, and will hold a referendum on membership. The whole project needs massive reform, otherwise it's going to collapse.

Melvin Beck says:

I am sure sensible Britons have a very hard time living in a British society in which they do not recognize their countrymen (anymore), or for the first time realize that there is no British identity, after years of fooling themselves in believing that there is.

fanagot says:

a country in chaotic doldrums is like a fake company that sells stolen goods that appeared just okayish from the outside then when you open the package the item malfunctions and the company either disappears or absolves itself from responsibility … unreliable untrustworthy opportunistic all in all gives a very bad experience … and gets worse the company is under administration and its staff is uneducated and rude towards potential customers … a recipe for the inevitable …

FreeSpeech FreeSpeech. says:

most of europes business loans are held by london….thats what you call leverage .
londons got them by the short and curlies.
if the uk is not in the eu then london wont be under eu finacial regulations.which is good for could be very bad for the eu countrys.

Paul Gibbons says:

EU cherry picking.
Services are not a constant. They fluctuate with markets and growth.
The UK has conceded enough. Leave services as an open area for future negotiation.

Éamonn Síoċáin says:

Brexit means Brexit.
If Leavers want to exit the EU, they shouldn't expect any special EU benefits.
Northern Ireland (56%) & Scotland (62%) voted to remain, so let them remain.

Przemek Pietrzak says:

This situation is very obvious, UK is leaving bloc EU, therefore loose passport of EU financial city, UK wants to leave EU but still wants to have the best benefits from EU so its ridiculous.

Rob Duncan says:

Fat chance ! Do you think the EU sailed down the clyde in a banana boat

Anthony Palumbo says:

The UK needs to get real and soon…..tick tock

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