Home Brexit Brussels calls for UK to lose Europe’s financial hub status

Brussels calls for UK to lose Europe’s financial hub status

by LLB Politics Reporter
11th Jun 20 12:18 pm

The EU’s chief negotiator Michel Barnier has called for London to lose its leading financial status and for Britain to lose the legal services after Brexit.

Barnier said the UK must not be allowed to act as an easy route into the EU’s single market, and should have their “prominent position” removed.

The chief negotiator also said the UK should no longer have goods tested to reach EU standards, as “we cannot accept the UK’s attempts to cherry pick parts of our single market.”

Barnier told European trade representatives, “During its 47-years of membership, the UK built up a strong position in the EU market in a number of strategic areas, financial services, businesses and legal services, and also a regulation and certification hub as a major entry point in the EU single market.

“In great part this was made possible because the UK was an EU member state within the single market.

“As it prepares to leave the single market and to leave the customs union, we must really ask ourselves whether it is in the EU’s interest for the UK to retain such a prominent position.”

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