EU's Barnier says UK banking proposals 'unacceptable'

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European Union’s Brexit negotiator Michel Barnier attends to a meeting with Britain’s Brexit negotiator and the Britain’s ambassador to the European Union during post-Brexit negotiations at the EU headquarters in Brussels on June 29, 2020. – The EU and Britain launch an intense five weeks of negotiations on a deal to define their post-Brexit relations on June 29, 2020, with London keen to wrap things up quickly. The new round of talks in Brussels will be the first to be held face-to-face since the coronavirus shutdown combined with the two sides’ entrenched positions to stall progress. (Photo by JOHN THYS / POOL / AFP)


The EU’s chief Brexit negotiator sharply accused London on Tuesday of seeking to preserve its position as a global financial gateway to Europe, despite its divorce from the bloc.

The City of London has been Europe’s financial hub for decades, one of the major benefits of Britain’s 47 years of EU membership that ended on January 31.

Michel Barnier, the EU’s negotiator for future relations with the UK, said Britain was trying to preserve the benefits of membership for its big banks and investors.

“I will be blunt: its proposals are unacceptable,” Barnier said in a virtual speech to the Eurofi financial conference.

January 1, when a post-Brexit transition period ends, will “bring big changes” to London-based financial companies, he said.

“This should not come as a surprise to you. We have been warning about this for the past three years,” he said.

Barnier made his comments as the EU and Britain were holding talks in Brussels on forging their future ties after four months of fruitless negotiations.

Global banks from Wall Street and Asia are hoping to maintain their vast operations in London as much as possible.

Barnier said that Britain “would like to make it easy to continue to run EU businesses from London, with minimal operations and staff on the continent.”

“There is no way member states or the European Parliament would accept this.”



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843 Comments

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  • Vivian Chidi July 1, 2020 12:00:12 AM
    UK is way too much for the information
  • Moses Emmanuel June 30, 2020 11:56:44 PM
    United kingdom have a way of selling their ideas to the world but sometimes they do help
  • Ogba Ebenezer June 30, 2020 11:55:59 PM
    This is a country where democracy and rule of law is in effect. I strongly believe matters will be resolved as soon as possible
  • GRACE EKPO June 30, 2020 11:55:27 PM
    In this case agreement within themselves should be the ultimate
  • Sunday Gabriel June 30, 2020 11:54:36 PM
    Michel Barnier, the EU’s negotiator for future relations with the UK, said Britain was trying to preserve the benefits of membership for its big banks and investors.
  • Omasheye Grace June 30, 2020 11:49:54 PM
    Michel Barnier, the EU’s negotiator for future relations with the UK, said Britain was trying to preserve the benefits of membership for its big banks and investors.
  • Elizabeth Ferdinand June 30, 2020 11:46:05 PM
    This should not come as a surprise to you.
  • Afolashade Akinhanmi June 30, 2020 11:42:06 PM
    I think they should sit and come up with something positive
  • Ibrahim Ayo June 30, 2020 11:40:02 PM
    United kingdom have a way of selling their ideas to the world but sometimes they do help
  • Uwakima Ikoedem June 30, 2020 11:38:42 PM
    They should sit and come out with something positive that will benefit both sides
  • Johnson Hope June 30, 2020 11:35:43 PM
    will be blunt: its proposals are unacceptable,” Barnier said in a virtual speech to the Eurofi financial conference.
  • Effiom Okon June 30, 2020 11:32:36 PM
    Thanks for sharing this with me..
  • Joseph Edet June 30, 2020 11:32:28 PM
    UK and Europe needs to work together to achieve great things
  • Eligbue Alphonsus June 30, 2020 11:24:01 PM
    Thanks for sharing this with me and Friends messages
  • Olowo Christopher June 30, 2020 11:22:10 PM
    UK and Europe needs to work together to achieve great things
  • Olowo Christopher June 30, 2020 11:21:59 PM
    UK and Europe needs to work together to achieve great things
  • Odika Amarachi June 30, 2020 11:17:16 PM
    They should sit and come out with something positive that will benefit both sides
  • Shuaibu Jibrin June 30, 2020 11:16:44 PM
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  • Victor Sunday June 30, 2020 11:14:36 PM
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  • Kenechukwu Amanze June 30, 2020 11:12:59 PM
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