Reuters/Paul Hackett
- European Union looks set to reject UK government’s plans for the City of London post-Brexit.
- The UK has proposed a system of “advanced equivalence” between Britain and the EU.
- EU chief negotiator Michel Barnier, however, plans to reject the UK’s ideas, saying they would rob Brussels of autonomous decision-making ability.
The European Union late last week dealt a major blow to the UK’s financial services sector in the lead up to Brexit, after negotiators rejected the plans for the sector laid out by the British government in Prime Minister Theresa May’s controversial white paper.
According to a report from the Financial Times, the EU’s chief negotiator Michel Barnier, last Friday told EU ministers that the financial services elements of May’s Brexit plans could not be accepted as they threatened to rob the bloc’s “decision-making autonomy” when it comes to finance.See the rest of the story at Business Insider
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See Also:
- The pound will relive the record-breaking horrors of Brexit night if Britain leaves the EU without a deal
- Analysts can’t agree whether Britain is heading for a ‘BINO’ Brexit or a ‘disorderly’ no deal
- Ireland is reportedly pulling 1.4 million barrels of oil out of the UK as it prepares for the worst-case Brexit scenario
SEE ALSO: Analysts can’t agree whether Britain is heading for a ‘BINO’ Brexit or a ‘disorderly’ no deal
