Brexit: UK 'had wool pulled over their eyes' says Mummery
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The UK and EU are embroiled in discussions about financial rules and market supervision so that a memorandum of understanding (MoU) agreement is made by the end of March. But a draft document of the MoU has shown Brussels can approve direct market access for foreign financial companies if it believes their home market rules are at the same standard as the EU’s, under a system known as “equivalence.”
Treat them like they are treating us. Enough is enough
The UK also wants EU equivalence to be outcomes-based, which would ensure the focus would be on whether financial rules in Britain and the EU produce the same result.
But Brussels has already warned that an agreed MoU may not automatically lead to more EU access for London’s finance industry.
Bank of England boss Andrew Bailey furiously criticised the EU’s plans for being “very controversial”.
And an exclusive Express.co.uk survey has found Britons want the Government to stand up to the bullies from Brussels.
The poll showed a huge 98 percent (8,464 people) thought it was time for the UK to toughen its stance against the EU.
Just 2 percent (201 people) disagreed and 32 people said they didn’t know.
A total of 8,697 people took part in the Express.co.uk online poll which ran from 1pm until 9pm on Sunday February 28 2021.
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One reader said: “We are wasting our time on these charlatans.
“Cut our losses and start rebuilding our country without any interference from them.”
Another said: “Just go with the World Trade Organisation and get us out of all deals with the EU.”
Another reader said: “Accept we have left and will not go back. Accept they are competitors not friends.
“Treat them like they are treating us. Enough is enough. Time to get real.”
And another said: “This situation will just continue for as long as the UK does not show the EU that it’s calculated vindictive actions will no longer be tolerated and that there is a price to pay.
“If there is to be an economic showdown between the UK and EU the sooner it occurs the better as the longer this situation continues the greater proportional damage the EU will inflict on us as currently the UK does nothing to damage the EU.”
Britain’s current deal that recognises the country’s clearing standards as equivalent to the EU will expire in June 2022.
Brussels will then be able to remove equivalence and bring over the business.
This would result in 25 percent of trade moving from London, but bosses in the EU have hinted they could also poach the remaining 75 percent.
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It comes as Britain’s financial services industry has been largely cut off from the EU since the Brexit transition period ended on December 31 because the sector is not covered by the UK-EU trade deal.
Trading in EU shares and derivatives has already left the UK for continental Europe.
At the moment, the EU can also in theory scrap equivalence decisions with just 30 days’ notice.
But industry officials also said the draft document could be the first step in rebuilding trust between the EU and UK.
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