The PM told #Marr the Canada trade deal (CETA) & draft US deal gave some hope that UK financial services access could be similar to existing ‘passporting’ rights with EU because “financial services are referenced” in those texts. But those ‘references’ are pretty derisory…
The EU-Canadian deal does not allow financial services firms to ‘do business’ or ‘solicit’ in each other’s territories without licence (Article 13.7.6). There just aren’t the automatic rights to establish business activities that UK currently has across Europe via #Single Market
Trump administration will not allow UK financial services access to American markets because any trade deal done at federal level won’t override local state-by-state licencing, insurance regs, banking licence conditions etc. So UK firms won’t be able to trade freely in the States
Outside #SingleMarket, British finance faces a BAN from whole swathes of business activities on continent eg, regulated commercial lending, trade finance, leasing, receivables finance , payment services, mortgage lending, FX spot & forward trading, commodities trading, clearing
So it's disingenuous to pretend UK financial sector should be content to leave #SingleMarket. The PM’s proposals would be a disaster for Britain’s financial services sector – and for the 11% of the UK’s tax revenues coming from this sector (£66bn) needed for NHS & public services
