Well the killfile is not working so I ended up reading more utter bobbins from THM. Still living in his fantasy world where the tories are going to sort it all out. Its a shame that the things he keeps on saying are happening are simply not. Simple lies from someone who likes to pretend he knows what is going on but who clearly has no clue at all.
There is no deal being done on financial services. UK side are still punting ideas all of which have been comprehensively rejected by the EU. Barnier and the rest of the negotiators have been very clear. Leave the single market and you do not get passporting and equivalence is only going to be offered in very limited circumstances for short term only. Any equivalence will not work for the financial services sector according to them
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This is no good according to a leading lawyer on the subject, Barnabus Reynolds of the firm Shearman and Sterling who says “equivalence doesn’t work because it is granted unilaterally by the EU and can be revoked at very short notice (30 days) by politicians”.
Many big US banks with significant EU operations based in London – including Goldman Sachs and JP Morgan – have dismissed this idea as unstable”
so there we go – contrary to THMs blithe assertions financial services are in big trouble and the deadline is looming. No passporting, minimal to no equivalence and the 4 freedoms cannot be divided. Exactly the same as its always been.
“Preserving the integrity of the single market excludes sector-by-sector participation” so the “3 baskets” approach mooted has also been ruled out
Why the Tories are still asking for cake and eat it is beyond me. Its so obvious that this is not so and Wednesdays EU paper makes it clear that the UKs position is totally unacceptable whichever of the outcomes the tories actually aim for
“The document says: “UK views on regulatory issues in the future relationship including ‘three basket approach’ are not compatible with the principles in the [European council] guidelines.”
The paper, produced by the commission’s Brexit taskforce, led by the EU’s chief negotiator, Michel Barnier, further emphasises the limits of what the UK can expect in a future trade deal.
“There will be customs controls at the borders, although waiting times may be mitigated. There will be no mutual recognition of rules in financial services, for example, to give businesses on both sides of the channel confidence they will be able to continue to operate.”
A wee tip THM – try actually listening to what the players with power have to say not what your little echo chamber hopes for. #Try to understand the difference between what you want and hope for and what is possible – because your position is simply not possible, never has been and never will be.