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EU exit plan FINALLY under way: City steps up work on Brexit blueprint

THE drive for a swift Brexit deal has been stepped up a gear, it has emerged.

Brexit

GETTY    Theresa May has been warned not to delay Brexit talks


Experts in the City of London have intensified work on blueprints to secure the best possible agreement when Britain leaves the European Union. The Remain-supporting City is said to have resigned itself to no longer being in the EU Single Market.Instead it is focusing its energies on how to maximise free trade opportunities with the EU through a uniquely British solution.

A pro-Remain former adviser to David Cameron conceded the UK could achieve a “good result”. And he warned Theresa May not to wait too long to launch formal Brexit talks.

Teams from Britain’s finance sectors are expected to present their ideas to Mrs May’s Brexit Cabinet Committee next month.

The optimistic message about a future EU deal came from Andrew Hood, a former legal adviser to Mr Cameron, who now holds a top job with an international law firm. After a period of mourning following the referendum, the City has decided to throw its weight behind the search for a tailor-made solution to relationships with the Continent.Non-EU Norway’s arrangement is unattractive because it involves accepting unfettered EU migration, which Mrs May has vowed to reform. It would also mean paying into the EU budget and obeying Brussels rules in exchange.

Switzerland, another non-EU country, has free trade access to EU markets for some financial sectors such as life insurance but its rules must mirror the EU’s. Swiss banks have not struck a deal with Brussels so do much of their European business in London – at least until Brexit.

City sources yesterday played down claims they were eyeing a “Swiss-style plus” arrangement.Earlier this week Britain’s hopes for such a deal were boosted when German European Affairs minister Michael Roth said Britain could win “special status” – but should be ready to invoke Article 50 of the Lisbon Treaty in the New Year rather than wait longer as some fear Mrs May might want to do.

The treaty move would trigger up to two years of formal negotiations. City figures, including leaders of the British Bankers’ Association and former Labour minister Baroness (Shriti) Vadera, chairman of Santander UK, are working on plans for a Brexit deal to protect the City.

Theresa May

GETTY     Theresa May was warned not to wait too long to launch formal talks


BBA chief executive Anthony Browne said: “There needs to be a bilateral deal providing as full a two-way market access as possible. Both sides have an interest in making this work. It is not in the interests of the other EU countries to be cut off from their main financial centre, especially when they are all seeking to boost economic growth.”Mr Browne stressed: “The banking sector unequivocally wants to maintain the current level of access to the EU market, to ensure that businesses and customers across Europe can still be served by UK-based banks.”

The City is also expected to argue for a “transitional” deal after Brexit to ensure that it does not suddenly lose access to the Single Market before a trade deal is in place or before companies have had time to adjust.

Shriti Vadera

GETTY     Baroness Vadera is working on a plan to protect the City after Brexit


Mr Hood told BBC Radio 4’s World At One that the City ultimately wanted “certainty to start planning and as much access to the Single Market as possible”.

Cameron

GETTY   A former advisor to David Cameron conceded the UK could achieve ‘good results’ outside of the EU


He thought City hopes for full “passporting” to let financial services trade freely in the EU as now without needing branches on the Continent were likely to be dashed so City sectors would seek the best alternative.Meanwhile US and Asian companies are increasing their interest in British firms as they seek to capitalise on the drop in the value of sterling following the referendum, experts said yesterday. Interest from the US, China and Japan is said to be strong.

http://www.express.co.uk/news/uk/702083/EU-exit-talks-Britain-fast-track-Brussels

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iananthonyharris
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iananthonyharris

Why do we need the single market? USA, Canada, China, Australia and many other countries export to the EU without being a member or accepting freedom of movement. If EU impose tariffs we can do the same, but the German car manufacturers won’t allow it. Anyway, fall in value of £more than compensates for any small percentage increase in tarrifs

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