Another long lens special from Steve outside No 11:
UK opening position is to ask for “permanent equivalence” on financial services in special chapter of EU-UK agreement or at least a “binding process” to stabilise equivalence.
EU has said it is entirely unilateral decision: /1
UK opening position is to ask for “permanent equivalence” on financial services in special chapter of EU-UK agreement or at least a “binding process” to stabilise equivalence.
EU has said it is entirely unilateral decision: /1
This elaborates upon what we know already - UK won’t even ask to maintain passporting for financial services industry, as a result of more distant relationship... and that PM in negotiation WMS wants EU not to act unilaterally on equivalence but wants “structured withdrawal”: /2 
purpose of this is to try to remove the unilateral ability of EU to deem UK financial services non-equivalent... by the slide does not suggest confidence that this will be achieved...
landing zone” for this key discussion is listed as “selective” or “time limited” equivalence /3
landing zone” for this key discussion is listed as “selective” or “time limited” equivalence /3
...could be seen as suggesting an expectation EU will see to use UK financial services access to EU as an ongoing (annual?) point of leverage for years to come... though UK Gov stress that EU corporates want and need access to UK financial services.
Trade for fishing rights?
/4
Trade for fishing rights?
/4
FT splashed on this...
Chancellor elaborated on some of this in an article for City AM, calling for a “reliable equivalence process.... to provide the certainty on which internationally mobile businesses can depend”.
Ie for the EU not to have power to suspend unilaterally cityam.com/ill-give-the-c…
Ie for the EU not to have power to suspend unilaterally cityam.com/ill-give-the-c…
