Britain’s financial-services industry is already counting the cost of the government’s negligence. Between the referendum in June 2016 and the end of 2020, around 7,500 jobs and over £1.2trn of assets moved from Britain to various European capitals. But as with much about Brexit, the terms of Britain’s departure from this market have still to be settled .
’s share of the global market is shrinking; and equivalence can be withdrawn at 30 days’ notice, as Switzerland found in 2014 when it fell out with thehas little compunction in using rules as political cudgels, as its threat last month to stop vaccine trade between Ireland and Northern Ireland demonstrated.
Britain would have done better to stay in Europe’s financial-services market, and to retain its clout over the rules that govern it. That’s no longer an option. Being kicked out of trading European products will hurt. But rather than accept rules set by other governments, Britain should cut its losses and diverge.
The EU is not protectionist (any more than other trade blocs, or indeed countries, and tries to be fully open internally). Further Europe does not expect to “extract a price”, it does not however will accept becoming a rule-taker from the unelected mandarins of the City.
I can’t read the full article...what is the point post this ?
Britain cannot afford to walk away and if I want the privileges of some club membership, then - you know - I might have to follow some rules. But it was all known to anybody with a tiny speck of acumen, so let's avoid to keep pretending the EU spoiled a perfect plan out of spite.
You can't have your cake and eat it
Wow the British really do love punishing themselves
Exactly, hedge funds didn't pay for the Leave campaign only to be regulated and accountable.
Yup; can't sell toot if the people you're selling to know its toot.
BI-DEN? ? NEIN
So. The UK is basically an abusive ex boyfriend?
Probably because the clown going into battle over fishermen was more electorally acceptable than causing a huge fuss over the bankers