The financial services agreement with the EU – it’s time to stop another disaster by David Blake
Professor Blake makes these comments to conclude his article for Global Vision dated 14th January 2021:
The idea that liquidity has already shifted to the EU is ridiculous. The idea that Frankfurt will replace London as Europe’s financial hub is equally ridiculous.
We should also expect to see regular attempts by the EU to block access to EU customers by UK firms, despite these being allowed under international law. A recent example is the warning by the European Securities and Markets Authority, the EU’s financial regulator, about ‘reverse solicitation’ being a ‘questionable practice’ and warning about MiFID II ‘requirements on the provision of investments services to retail or professional clients by firms not established or situated in the EU’.
The EU’s hostility to our ‘Anglo-Saxon’ financial system runs very deep and goes back to the very origins of the European Economic Community. We should therefore expect it to be very insistent that we follow its rules in order to access its single market. We should be equally insistent that we will do no such thing. This time we must not compromise. It’s time to stop another disaster.
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