Sir Win Bischoff, the JP Morgan Securities chair, has called for the United Kingdom to secure the “greatest possible access” to the single market after Brexit.
Today, while talking at the annual conference of the International Business and Diplomatic Exchange in London, Bischoff contended for a “comprehensive free trade agreement that allows for the greatest possible access to the single market to ensure the continued flow of capital and liquidity.”
He also called for a transition agreement between the United Kingdom and the European Union (EU) that is contained within a memorandum of understanding that is legally binding.
Bischoff stated: “This would significantly reduce the negative impact of a disorderly Brexit with its economic and financial stability risks for the UK and European markets.”
He said that the said transition agreement “should state clearly what the two sides will commit to in the event that no further trade agreement is reached.”
Both Chancellor Philip Hammond and Theresa May, the British Prime Minister, have delivered major speeches in recent days that is aimed at setting out what the United Kingdom wants from its Brexit talks with the European Union.
Talking on Wednesday, Hammond demanded for a “unique” deal that offered the flexibility for both sides to deliver “fully equivalent regulatory outcomes” by agreeing to “bank our day one de facto equivalence,” while accepting that the systems may likely evolve over time.