Some quick thoughts on @MichelBarnier speech to CER on #Brexit.
1. He began with the stick and ended with the carrot of an ambitious free trade deal (but the carrot has strings.) 1/
1. He began with the stick and ended with the carrot of an ambitious free trade deal (but the carrot has strings.) 1/
In sign of strong EU support for Ireland, MB stresses that N.Ireland is already a separate regulatory space to rest of UK. A push to keep NI in Single market and customs union 2/
MB took a hammer to Brexiters' cherished assumptions of freedom from but selective participation in EU regulation. Was withering on no deal cheerleaders 3/
Starkest warning came when Barnier made clear free trade deal will not be ratified if UK moves away from EU on issues such as tax, environment, food safety. One in the eye for Wilbur Ross there. He wants UK to choose 4/.
MB makes very clear that Brexit means the loss of the city of London's financial services passporting to the EU market. Raises spectre of financial crisis in another warning not to slash EU fin reg, which he helped create post crisis. 5/
MB dangles carrot of most ambitious free trade deal possible, if UK sticks to EU norms (ie doesn't become Singapore style tax haven full of chlorine chicken). Also says Brexit will be driver for EU's brave new future.. 6/
All in all. MB says you can't have it both ways and you can't have your cake and eat it. If you want any access to single market at all, you have to keep EU standards on finance, environment etc. Then you get an FTA but only once sufficient progress achieved on 3 issues ENDS
