The EU has warned Britain to lower its expectations of market access for the City of London after Brexit, delivering a blow to the UK’s hopes of a trade deal that maintains current flows of capital, staff and services. Michel Barnier, the EU’s chief negotiator, suggested that after Brexit the UK would have no preferential access for financial services other than patchy “equivalence” arrangements, such as those with the US or Singapore. “On financial services, UK voices suggest that Brexit does not mean Brexit,” he said. “Brexit means Brexit, everywhere.”

“The legal consequence of Brexit is that UK financial service providers lose their EU passport,” he said, referring to the ability of financial groups to sell products throughout the bloc from a base within the single market. Instead, he suggested, the UK would have to rely on the current equivalence rules, in which the bloc deems that third country rules for specific activities are equivalent to EU regulations — a designation the European Commission can withdraw. Mr Barnier added this would be in areas “where EU legislation foresees equivalence”, suggesting there would be no special arrangements to broaden such decisions to cover a broader range of financial services. Mr Davis’s speech last week argued that the EU benefited from the concentration of financial services in London and would pay a cost for fragmentation. But, echoing concerns among officials in France and Germany, Mr Barnier argued there would be a risk to Europe’s financial stability if the continent’s main financial centre was outside the EU’s regulatory orbit.
<div>
<div><header>
<h1></h1>
“EU chief negotiator says no existing EU trade deal includes financial services.

</header><footer>

</footer></div>
</div>
The EU will not do a post-Brexit trade with the U.K. that includes financial services, its chief Brexit negotiator Michel Barnier told a group of European newspapers.

Barnier said that the loss of access for the City of London was a consequence of the U.K.’s decision to leave the EU single market. “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 told the Guardian.

“[It is the consequence of] the red lines that the British have chosen themselves. In leaving the single market, they lose the financial services passport.”

Just a few quotes from key players

More feedback TJ – you are being very generous with you time. Thanks again

You don’t need remind us if the value of your quotes. You kindly provided direct evidence debunking NHS scare stories, that Davis and Hammond didn’t agree on Canada plus, plus etc. All very helpful.

Scooby snacks all around. Please give my regards to Barney.

Like me the other Barney knows the legal structures of the UK banks and what that means too. But he has an audience to cater to who are happy to swallow his oh-so-carefully chosen words. Blessed are those who know no better, for they can be fed with fishes, loved and veritable BS

The EU has ruled out the UK government’s preferred approach to a future trade deal, describing it as a risk to the European project,

https://www.theguardian.com/politics/2018/feb/22/eu-rules-out-uks-preferred-approach-to-future-trade-deal

So being unable to counter facts with anything you fall back on unpleasant bluster.

FFS TJ – do you kick every dog that barks at you in the street? Walk on!!

As for the good “guy“

“There will certainly be something about financial services (no really) but there will also be something about regulatory equivalence then, because what we don’t want is that with this whole agreement, establish a financial centre that is competing with the continent…“

There will be a deal – shucks we know we have regulatory equivalence now, Schade – but we are still shit scared of competition from London so we can’t make it look too easy!

So still lots of ‘something’ and no plan then.

Guys a European – why would he be explaining our plan?

Plan?

If you’ve missed This Week then it’s worth catching up on iPlayer. George Galloway outlining Jezza’s vision of a post Brexit Britain of socialist partnership with  Venezuela and the Ivory Coast while forming a renewed special relationship with the US of A once Bernie Sanders is in the White House

comedy gold

I’m just intrigued as to how one goes from being a school teacher to self-appointed grown up and apparent lynchpin of the City of London’s successful negotiations of a financial deal that would break the central tenets of the EU’s existence. Seems a bit of an odd, and if you’ll excuse my directness, improbable career path.

A very warm welcome to the 220k EU nationals and 285k non EU nationals coming to the UK. Glad that they continue to vote with their feet.

Thats fine zokes, I can just add it to the list of things you need excusing for. 😏

So you’re not going to tell us how a school teacher suddenly became the world’s expert on international partnerships and trade? I mean your aloof attitude implies vastly superior knowledge to all others on this thread, so I’m wondering where this comes from.

No. The premises are incorrect. Enjoy wondering.

your aloof attitude implies vastly superior knowledge to all others

Has anyone seen THM in the same room as Jacob Rees-Mogg? No? Thought not …

Sorry no double breasted pin stripe suits in my wardrobe. Come to think of it, no polka dot ties either

Hang on are you cheering the lowest migration figures for a long time and the mass exodus as a positive endorsement of howhgreat the uk is? Non eu migrants will havehbeen on a much longer process and will not be impacted as much by rule changes.

No I am offering a warm welcome to our new guests   Great that they are not listening to Ill-edukated scare stories

all 220k of them – bienvenue

Well I’m sure they all checked in to hear that. Shame the people compiling the stats put brexit down as one of the reasons that numbers are significantly down.

Shame the people compiling the stats put brexit down as one of the reasons that numbers are significantly down

Who are you going to believe? The people who published the stats or the person who has secret knowledge of the talks going on and hangs out with the grown ups? Seems a simple choice to me.

I am sure it is factor – after all their physical security is under great threat as are their rights. Extraordinaily brave don’t you think??

alternatively they too can simply see through the BS

but amusing how the BBC chose to present the data yesterday.

the stats speak for themselves

Yes net migration is down significantly more people are leaving and less are arriving. Which bit of the stats are you missing?

It’s almost like some people deliberately only use part of the data available to them in an attempt to further their own agenda’s or justify personal world views…

Whether it’s ignorance or they are just too dim to grasp simple concepts who knows…

One thing’s for certain tho; they are probably a complete knobend.

#ambiguoussmiley

Are more people coming in or out, mike?

Given the doomsday outlook for the UK and the negative outlook for jobs and rights of EU citizens and the physical threats that remoaners are lying about, it’s amazing that there is any net migration at all

still as an advocate of FoM I am pleased that people are still coming here

Indeed ar you must have seen the news last night too

No. The premises are incorrect.

So so we’re going with unemployed troll, then. Actually, you don’t live in york do you? Only a friend’s husband has a very similar style to you when attempting to argue black is white.

According to the political journos, after yesterday’s inner cabinet meeting ,to start the process that should have occurred before we triggered A50, we have a new plan, that asks more questions than it answers… “Ambitious Managed Divergence“. All that noise about the GFA this week did have a purpose…

Anyway its all sorted 🙂 your getting

Ambitious Managed Divergence

Gotta love this game they come up with a new buzzword every other day.

the stats speak for themselves

Yes, yes they do. It is a shame you are apparently  hard of hearing though. While not as bad as some may make out they certainly aren’t  a positive endorsement, particularly if you look at their stated reasons for coming .

It’s going to have spawned a whole new decade’s worth of bullshit bingo by the time it’s done.

Constructively ambiguous phrases.

Shaks – do they do an audio version too? Wow. I just looked at the stats. Despite all the catastrophe BS, the UK continues to attract more people with positive net migration from the EU and from outside the EU. That’s a good thing in my mind as is anything that debunks the doomsday scare stories that have become a feature of the debate (sic) since the result.

Managed divergence is pretty accurate – but in reality more like parallel equivalence and managed divergence at the same time

but in reality more like parallel equivalence and managed divergence at the same time

So, unicorns 🦄

So after 20 months of in-fighting, surpressing impact assessments and dithering it took a mere 8 hrs for the cabinet to decide that they’d like a cake & eat it Brexit !

Juncker will be chuckling into his pre-breakfast merlot this morning

Constructively ambiguous phrases.

did you mean

Constructively Relevant Ambiguous Phrases?

 I just looked at the stats. Despite all the catastrophe BS, the UK continues to attract more people with positive net migration from the EU and from outside the EU

I assume your reports are slightly less one sided when the real picture is

The number of EU citizens leaving the UK is at its highest level for a decade with 130,000 emigrating in the year to September, figures show.

Now you are free to misrepresent the trend  by stating truths that mask the truth but its as convincing as your career trajectory.

Always good to look at core source

”brexit could well be a factor in people’s decisions to move to and from the UK but people’s decision to migrate is complicated and can be influenced by lots of different reasons”

notice the nuance as opposed the hysteria

so we have spikes of migration after 2012 – the clues in the date, and the deviation from LT trends – and now we are returning back to the TOP end of the previous immigration ranges seen since the ONS published data

cue hysteria and hyperbole all wrapped up in a headline – swallow it up!!!!!

the reasons for why they are doing something is  a separate issue from whether they are doing it. As a teacher and a report writer for the important surely you would understand this basic point?

My post contained facts and no hysteria and you are free to try and move the goalposts  but its no more credible than your earlier misrepresentation.

It would  be misleading to not note the greatest drop in EU migration and instead  focus on the fact the trend is still for net migration. Thankfully the ONS report was indeed more nuanced than that.

theres are brexit factors in net EU citizens drop in the UK, the biggest is proably the drop in £

but Europe is also recovering (and growing faster than the UK- well not quite italy) & luring them back

Certainly European colleagues that have left have cited Brexit and the lurch to right-wing xenophobia around the ref campaign as a reason, some much more upset about it than others.

Theresa May had an opportunity to halt that lurch but her citizens of knowhere speech seemed deliberately intended to alieanate & divide

Either way Im sure that many Leave voters are pleased that the foreigners are leaving, its what they wanted after all, tehy want theyre Little England back just look at the comments on twitter about the latest immigration figures, the racism isnt even vaguely hidden

So being unable to counter facts with anything you fall back on unpleasant bluster.

You realised this at page 1100?