Daily Management Review

Barnier: British banks will lose their passport rights in the EU


The EU's chief negotiator for Brexit, Michel Barnier, pointed to a number of restrictions for Britain, warning that banks will lose their passport rights for work in the EU, and demanding a solution to the border issue of Northern Ireland, reports Bloomberg.

moneybright via flickr
moneybright via flickr
"The legal consequence of Brexit is that UK financial services providers will lose their passport rights for work in the EU," Barnier said at a conference in Brussels on Monday.

He also urged the UK government to "make proposals" to avoid the physical boundary between Ireland and Northern Ireland amid the discussion that Northern Ireland could remain part of the single EU market and the customs union after Brexit.

"The UK says it will continue to apply some rules, but not all." It's unclear what rules will apply to Northern Ireland after Brexit and what the UK is ready to do to avoid a tight border", the EU negotiator said.

Barnier made these statements less than four weeks before the summit, at which EU leaders will have to decide whether the negotiations on Brexit have reached sufficient progress to move towards trade negotiations.

Members of the cabinet of Prime Minister Therese May will meet on Monday in London to discuss whether the UK should increase the EU's financial offer as part of the withdrawal from the bloc.

In October, the negotiations came to a standstill when discussing Britain's financial obligations in connection with Brexit.

The leaders of the EU countries are well aware that they will not be able to explain to their voters if they allow Britain's withdrawal from the bloc on too mild terms. May agreed to pay the budget for two years after Brexit, which means a payment of about € 20 billion. She also allowed the UK to fulfill some additional financial obligations.

These additional liabilities will amount to another € 20 billion, sources said earlier Bloomberg, familiar with the situation. On behalf of the EU, the amount of about € 60 billion was announced. In an interview with reporters, May said that the amount of payments will be approved only in the context of the final general transaction.

source: bloomberg.com

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