European Union negotiator: Brexit transition by end of 2020

21 December, 2017, 00:41 | Author: Dustin Murphy
  • Brexit Michel Barnier and Theresa May

The Cabinet did not discuss the position set out so far by the European Commission's chief negotiator, Michel Barnier, whose vision of a free trade agreement similar to that struck with Canada in 2016 differs sharply from Mrs May's demand for a bespoke United Kingdom deal delivering a "deep and special partnership".

Asked if United Kingdom banks can retain financial passporting rights, Hancock added, "I'm confident we can get a good deal on it". Currently, they operate in Britain under European Union "passporting" rules which are due to expire when Britain leaves the bloc in March 2019.

However, the process of setting up subsidiaries is extremely costly.

"We'd just walk away from progress if that was the approach".

Pressed by SNP MP Angus MacNeil on whether she had been forced to "beg" for a transition period, Mrs May told the Commons Liaison Committee: "I haven't begged the European Union for two more years".

The transition period will include access to the single market but also obligations.

He said the cabinet agreed on the goal. "In leaving the single market, they lose the financial services passport", Barnier told a group of European newspapers.

Unlike branches, subsidiaries are required to hold their own shock-absorbing capital, which can not be repatriated in the event of a financial crisis, offering an added layer of protection to their customers.

Michel Barnier
GETTYBarnier said there was “no place” for financial services in any post Brexit trade deal

Those capital requirements do not apply to branches.

That is on top of 110 foreign insurance branches, with 80 from the EEA.

Brussel's position reflects its support for Madrid's centuries-old territorial dispute with London over the status of Gibraltar and its firm belief that Gibraltar should not be covered by any future trade deal with Britain without any prior agreement with Spain.

The central bank now requires foreign banks from outside the European Union, which hold a "material" amount of United Kingdom retail deposits, to operate through subsidiaries, and said the approach could be extended to insurers, based on the size of the business.

Catherine McGuinness, policy chairwoman of the City of London Corporation, ...

EPA The PM has built unity in the last week on the back of her triumph over the Brexit divorce billRelated articles No Cabinet decisions have been made, but discussions were very positive yesterday I gather no decisions were made but it sounds like we are heading in the right direction.

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