BREAKING BRITANNIA NEWS
EU sources claim the bloc is”closing in on the landing zone” in order for formal negotiations between Brussels and Britain to start in March.
Instead Mr Le Maire wants to entice British bankers to Paris after developing it into Europe’s major financial services hub by restricting access to the City of London to the bloc’s markets.
This week Mr Barnier signalled Brussels would keep control over British access to markets as part of any trade deal.
“We’ll keep control of these tools and we will keep the free hand to take our own decisions.”
Emmanuel Macron’s finance minister Bruno Le Maire disclosed France would block a”fish for fund” compromise as a way to secured continued access to British waters to their fishermen.
Paris has sought to take a tough line on Britain from the trade discussions.
The UK’s financial services industry creates £127billion a year and employs more than a million people.
EU ambassadors poured over the Frenchman’s opening gambit ahead of trade talks over opening with Britain. After a series of demands were made to further tighten their demands a decision to finalise the legal text of the bloc was delayed. Paris demanded substantial changes to the so-called”level-playing field”, under which Britain will be expected to commit to keeping EU environmental, social and state aid rules as the price for striking a free-trade agreement with Brussels.
The City is worried over how the EU could axe any”equivalence” access deal with just 30 days’ notice after it imposed new restrictions on Switzerland this past year.
As ambassadors meet more in the expectation of finalising the mandate, which they want to rubber-stamp at a ministerial meeting on February 25, talks will continue on Friday.
The eurocrat shot strategies set out by Chancellor Sajid Javid to secure services access to EU markets in a future trade deal down.
“It is only normal member countries take their time to be certain their interests are protected.”
EU Capitals want the text to reflect the level of”ambition” they’re willing in show in any future relationship pact.”
“Level-playing area is a considerable part. But, there are other tweaks necessary also,” one source said.
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