Tonight, the chief Brexit negotiator of the European Union, doubled-down on his insistence that firms in the City will lose their passporting rights after Brexit. However, he said that there was room for co-operation between the United Kingdom and the European Union.
Emphasising the importance of financial stability, Michel Barnier stated that there would be scope for the European Union to consider rules of the United Kingdom as equivalent.
Talking in Belgium, Barnier stated: “A country that comes out of this very precise framework and its consistent and integrated implementation by the national authorities has the opportunity to diverge but at the same time loses the benefits of the internal market.”
Meanwhile, the government presented concessions in its EU Withdrawal Bill, tabling 25 amendments to the legislation following discussion with MPs.
As a part of one of the amendments, the government of the United Kingdom has imposed limits on when it can make use of powers to change EU law once it has been transferred onto the statute books of the United Kingdom.
Steve Baker, the Minister for Exiting the European Union, stated: “In bringing forward these amendments today, we’re showing the seriousness with which we take parliament’s views. “