Britain, EU part ways over financial market access



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Britain, EU part ways over financial market access

On Tuesday, the 11th of February 2020, Britain’s Finance Minister Sajid Javid, who had recently been engaged in a horrendous clash with US Treasury’s Mnuchin over a US-UK trade deal that resulted in a holocaust over further trade-ties with the United States, apparently the last remaining ally of United Kingdom in the post-Brexit era, said that UK was looking to a stable relationship with the EU Commission over the ‘decades to come’ in financial services, however had received a harsh rebuff in exchange from Brussels.

In point of fact, following Britain’s exit from the ‘bloc’ last month, UK’s large financial sector would be losing access to its EU clients, while firms would only be allowed to serve clients in some areas of the ‘bloc’ where the rules might be deemed as ‘equivalent,’ while on Tuesday (February 11th), Javid had called on European Union Commission to deem UK’s financial sector ‘equivalent adding “This is important not only in the short term, but to establish the norms and ways of working with the EU that will endure for decades to come”.

Nonetheless, shortly after Javid’s remarks, EU’s top Brexit negotiator, Michael Barnier was quoted saying in the European Parliament that Britain should understand there could be ‘no general, global, permanent equivalence with Britain,’ asking the UK lawmakers to wipe out an illusive concept of an equivalence with EU on financial terms adding “there will be no common management. ”