Brexit: Deborah Meaden discusses 2020 deal
The advice came from Sir Moylan, a conservative member of the House of Lords. After Brexit, Brussels refused to give UK-based financial companies access to the EU market on an equivalence basis.
This was despite the fact that the UK and the EU started with almost the same financial regulations as the UK took over the law within the block from that era.
Sir Moylan shared the Daily Telegraph’s commentary by Burnabus Reynolds, Global Head of the Financial Services Industry Group. Barnabas Reynolds urged Britain to abandon expectations of EU equivalence and build its own regulations.
The peer commented:
“We need to stop suffering from the fact that the EU is unnecessarily building trade barriers and use it as an opportunity to restructure regulations to suit us.
“Equivalence is dead-UK needs to lose EU shackles”
Brussels refuses to give UK-based financial companies equality-based access
“Equivalence is lost. Britain needs to lose EU shackles.”
The UK resolved to leave the EU in June 2016, but after many delays it did not finally leave until January 2020.
At the end of December, the UK maintained close ties with the EU during the Brexit transition.
As a result, the UK remains a member of the European Single Market and continues to pay the EU budget.
“The EU is building unnecessary barriers to trade.”
It also continued to enforce the laws enacted in Brussels in many regions.
The Brexit transition period was replaced by a new trade agreement negotiated by Boris Johnson on 31 December.
This restored Britain’s status as a sovereign trading nation and allowed it to become an independent member of the World Trade Organization (WTO).
However, the EU still denies access to EU financial markets based on spectacular equivalence.
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In January 2021, Amsterdam replaced London as Europe’s leading equity trading center.
In the Daily Telegraph article, Reynolds argues that this is unlikely to happen, and instead the UK needs to pursue its own financial regulations.
He writes: “So far, the main concern of British lawmakers has been about equivalence.
“There was concern that if UK regulation did not track EU regulation, there would be a risk of lack of” equivalence “determination.
“But now, despite the literally the same inheritance law, this concern is irrelevant because the EU clearly does not want the UK to be equal in any field.
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“Therefore, the UK needs to reassess its regulatory framework based on what is best suited for the country, city and the domestic and international markets it serves.
“The UK is in a position to be free from the instincts and codified legislation of the EU and its rule.”
In January 2021, Amsterdam replaced London as Europe’s leading equity trading center after the new trade agreement came into effect.
However, Reynolds argued that new regulations could encourage EU-based companies to launch businesses in the UK.
The UK officially left the EU in January 2020
He advised: “The UK, under UK legislation, can facilitate EU customers to establish a small presence in the UK to benefit from global financial services and products outside the EU’s jurisdiction. I will.
“According to a January report, more than 1,000 EU companies have already done this.
“I can encourage more people to do so.”
Brexit News: Boris Johnson urged to lose EU shackles after trade barriers | UK | News
SourceBrexit News: Boris Johnson urged to lose EU shackles after trade barriers | UK | News