Home Brexit Leaked EU report reveals how SCARED Brussels NEEDS to give UK good...

Leaked EU report reveals how SCARED Brussels NEEDS to give UK good Brexit deal

A leaked report reveals how Britain could be in line for a beneficial deal as Brussels chiefs fear for their own future.

They are hatching a plan to ensure that London banks and the financial services sector are allowed to continue to trade as before, fearing any attempt to thwart transactions would have a negative impact on the remaining 27 states.

Join today

The European Parliament’s committee on economic and monetary affairs says their own negotiators should tread carefully as they bash out deals.

The report says: “It is in the interest of EU 27 and the UK to have an open discussion at this point.”
[inf_infusionsoft_inline optin_id="optin_2"]

In a sign that negotiations could well turn positive for Britain and the EU, the report instructs negotiators to look at trying to get a “workable” deal in order to offset uncertainty.

The report adds: “If financial services companies choose to leave the UK as a result of Brexit, the consequences should be carefully evaluated.

Any dent to the UK economy will have a dent on the EU economy

“A badly designed final deal would damage both the UK and the other 27 EU member states.”

Now commentators say the revelation is good news for the UK economy after months of speculation over the potential of a “cliff edge”.

Anthony Belchambers, chairman of the Honorary Advisory Council of the Financial Services Negotiation Forum said chickens are coming home to roost.

The Bank of England is doing its best to keep Britain on track

He said: “It’s not altogether surprising…the UK and EU are realising you can’t draw a sharp line between the two, and that’s a welcome degree of pragmatism.

“They recognise a drawbridge between the EU and the UK would hurt both sides.”

UK government lawyers are already looking at replicating passporting rules which would allow them to trade as normal.

The City of London will not be hemmed in over fears the EU will lose out

In December Chancellor Philip Hammond laid his cards on the table saying he wanted to be able to guarantee banks their businesses would be protected ahead of the triggering of Article 50.

Mr Hammond confirmed he had been notified by major Japanese banks, who employ 5,000 people in Britain, that they are looking to parachute out of the UK.

He said: “It’s fairly binary for them: they either have access to their markets or they don’t have access.

“If they have full access to the markets from London they can continue operating as now.

“If they don’t, they will have to restructure the way their operations address the European market.”

However the UK could effectively replicate EU rules in order that the financial services sector could continue to keep their interests in Britain.

But as the EU demands a £60bn pay off from Britain to effectively move the process along, it has been claimed banks are getting set to move out en masse as the EU refuses to clarify whether they will be giving passporting rights.

Join today