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Barrie Stevens

Brexit and financial services/City of London

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Listening to BBC Radio 4 World at One today about the two UK chaps in Germany pleading for a special Brexit trade agreement unique to the UK and which maintains the "passported right" to cross border financial and associated services.

The EU so far maintains the stance that if you leave the Single Market then you lose the cross border transaction rights. This is something integral to the whole scheme and they will not give way.

A more surprising reason for refusing the UK however is the revelation that, under the EU's trade agreement with Canada, S. Korea and Japan, whatever they give by way of service industry concessions to such as the UK then they have to reciprocate the same to the aforementioned countries.

Their agreements do not contain the services privilege sought by the UK.

The EU apparently does not want to give something exceptional to the UK and thereby set a precedent which undermines their whole concept of the Single Market..

Likewise no concession will be given without UK acceptance of full ECJ jurisdiction.

I detected a fierce German resistance and a tremulous vibration emanating from the UK.

The Island's financial services are very tied in with the UK and so there is sure to be some sort of impact even though the IOM is not "in Europe" for services very much under Protocol 3.

The German view was that the UK will probably get a hard Brexit for the City and its services.

 

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r4 aka remoan radio.....

why couldn't you put this in the many other eu threads already started by you?

as for this nonsense, nearly all uk based financial services already have offices and the ability to operate in the eu even if no deal is done, on the other hand most eu based financial services dont which will equal more having to open offices plus more jobs in the uk.....

#winwin

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Cheers for your unique insight Barry.

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33 minutes ago, woody2 said:

r4 aka remoan radio.....

why couldn't you put this in the many other eu threads already started by you?

as for this nonsense, nearly all uk based financial services already have offices and the ability to operate in the eu even if no deal is done, on the other hand most eu based financial services dont which will equal more having to open offices plus more jobs in the uk.....

#winwin

So you are right and all the big players they are wrong?  2The chaps" are in Germany trying head off the problem.

There is clearly an issue and costs have been mentioned and that is why many thousands of jobs are being relocated away from the UK where two million people over allare employed in financial and related services. It is not all in London.

I fail to see why introducing certain issues should always end in being cursed as a "Remoaner"..

Now for what it is worth the Grauniad is punting the following about...Allegedly a leak

https://www.theguardian.com/politics/2018/jan/10/what-no-deal-brexit-scenario-would-mean-for-uk-industries

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it the fact everyone keeps going on about these uk financial services that trade in  the eu- yet when bbcdp looked into it the couldn't find any that didn't offices already in the eu......

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3 minutes ago, woody2 said:

it the fact everyone keeps going on about these uk financial services that trade in  the eu- yet when bbcdp looked into it the couldn't find any that didn't offices already in the eu......

So why is the UK today in Germany asking for a special deal?

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3 minutes ago, Freggyragh said:

Don’t worry, they’ll have done impact assesments ... 

They have. That is why they (UK) are begging. Problem is if the EU gives it to UK it must by treaty give it to Canada, S. Korea and Japan and they do not want to do that...as already reported.

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5 minutes ago, woody2 said:

it the fact everyone keeps going on about these uk financial services that trade in  the eu- yet when bbcdp looked into it the couldn't find any that didn't offices already in the eu......

Trouble is it is 80% of UK economy and biggest taxpayer. Same boat as IOM. Both dependent in the main on services in various forms.

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5 minutes ago, Barrie Stevens said:

Trouble is it is 80% of UK economy and biggest taxpayer. Same boat as IOM. Both dependent in the main on services in various forms.

so who are these uk based companies that don't already have offices in the eu?

  • Haha 1

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9 minutes ago, Barrie Stevens said:

They have. That is why they (UK) are begging. Problem is if the EU gives it to UK it must by treaty give it to Canada, S. Korea and Japan and they do not want to do that...as already reported.

#fakenews

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Big speech tonight on the issue but Germany has just said that it will not step out of line to help the UK as the EU must hold together and work as one. The basic response from the EU is "You can have your cake. But you cannot eat it"...But we all knew that did we not? Yes? Oh, No? No one said? But then no deal is better than a bad deal! At least I have lived and worked in a non-EC/EU world. A lot of younger people have got used to the freedoms and they will probably be disadvantaged.

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Just as long as we get control of our borders and deport illegals and unwanted any price is a price well worth paying.

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6 minutes ago, Rog said:

Just as long as we get control of our borders and deport illegals and unwanted any price is a price well worth paying.

What a short sighted view.

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