In fear of Rishi Sunak’s “Big Bang”plan, the EU are attempting to force financiers to shift their business from London to the EU by blocking businesses serving their clients in the EU.
One London based company said they were in the process of moving 80 brokers to Paris, but partly due to Covid 19 restrictions they had to put that move on ice. Now they are frozen out and unable to help their clients in the EU due to Brussels making it difficult.
The company said: “Due partly to the extraordinary circumstances relating to the COVID-19 pandemic, in particular relating to stay-at-home orders and travel restrictions currently in effect, it has not yet been possible to complete the relocation of staff to the EU27 or the local hiring of brokers in the EU-based offices of TPIE as quickly as originally planned.”
Many MEP and Eurocrats are now upset at the Chancellors deregulation plans for London. Financial services commissioner Mairead McGuinness said that Rishi Sunaks plans might damage EU – UK relations.
Chancellor Sunak has said he’s going to deregulate London making a “Big Bang” in the service sector, something the EU fear.
A spokesperson for the Prime Minister said: “We want to preserve financial stability, market integrity, and the protection of investors and consumers.
“We did push for a broad agreement on financial services as part of the negotiations and the Treasury will continue that work.”