EU Economics

Swiss plan MAJOR financial alliance including UK but NOT EU after Brexit

SWITZERLAND is making plans to create a major post-Brexit financial union with London, Hong Kong and Singapore, the city of London’s EU envoy has claimed.


Swiss officials are drawing up plans for a financial alliance with UK after Brexit

But the European Union does not feature in the so-called F4 alliance and officials in Brussels are said to be furious at the proposals.The revelations come in a series of internal memos written by the the City of London’s top Brexit envoy Jeremy Browne.

Switzerland is “quite negative” about the EU and “see opportunities in Brexit”, including the possibility of an “F4” alliance of financial centres in London, Hong Kong, Singapore and Switzerland, although they remain “nervous” about a cliff-edge withdrawal, according to the memos.

But Mr Browne warned the EU may seek to take business away from the City, including the multibillion pound euro-clearing market.

The former Liberal Democrat Home Office minister said Brussels blood was boiling at the idea of London “remaining brazenly unaffected” by Brexit.And he blasted the EU’s approach to negotiating with the UK as “bewildering” and “reckless”, according to City AM.

Other points irritating to Eurocrats include Estonia and Latvia’s desire for the UK to remain “a bulwark against Russian aggression” and and Poland’s “myopic obsession with the size of Britain’s exit fee”.

Mr Browne’s memos suggest Italy “retains a sentimental affinity for Britain” and is be more “conciliatory than the French or Germans”.

Brexit talksGETTY

City of London Brexit Envoy Jeremy Browne said EU attitudes to the talks were ‘bewildering’

The inability of Brussels to comprehend British politics, or read the British character at the most elementary level, is bewildering

Jeremy Browne

City AM reports how one note reveals concerns over the way Brussels negotiators are handling Brexit talks.He said: “Some brinkmanship is inevitable, but it requires good judgement about where the brink is.

“The inability of Brussels to comprehend British politics, or read the British character at the most elementary level, is bewildering; reckless even.

“It is true that the British often suffer from similar failings, but the relevant consideration with Brexit is the interaction between the EU and Britain.


Brexit Secretary David Davis and his EU counterpart Michel Barnier

“If Croatia was leaving we would all have to brush up on the psyche of the Croatians, but they are not.”Mr Browne said despite the issues negotiations will “ultimately succeed, or at least not wholly fail”.

He noted there was “a recognition of the scale of the City of London, and acknowledgment that inflicting excessive harm on London would have negative consequences for the EU27 as well as for Britain”.

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