EU's Barnier calls British financial market proposals 'unacceptable'

LONDON - British proposals to give the City of London access to the European Union are"unacceptable" because they seek to maintain the benefits of the single market without the obligations, the bloc's chief Brexit negotiator Michel Barnier said on Tuesday .

Many banks and insurers based in Britain have opened hubs in the EU to continue serving customers there irrespective of what deal London seals with Brussels. Barnier said Britain has only responded to four of 28 questionnaires for assessing if British financial rules are similar enough to those in the bloc to allow direct market access.Britain's finance ministry said both sides are committed to completing the assessments ahead of the summer, and that it should be a straightforward process given they have similar rules.

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