Juncker tells MEPs the Irish border is a "European issue"

Donald Tusk the president of the European Council urged the government to present a workable solution to a hard border

Donald Tusk the president of the European Council urged the government to present a workable solution to a hard borderCLODAGH KILCOYNE REUTERS

The British Bankers Association has also said that losing these rights and access to the European Union markets would be "disruptive, costly and time-consuming".

He said: 'There was this Mansion House speech by Mrs May, but it was mainly repeating the red lines that we know already'.

"I also heard the chancellor's words about financial services being "very much in the mutual interest" of the United Kingdom and EU".

He said it "translates faithfully" the agreement reached between Theresa May and the European Union in December. "I would, however, ask to allow us to define what's in the EU's interest".

In early 2017, before Article 50 was triggered, there was talk in Brussels of "Canada dry" being the likely outcome for the future UK-EU deal.

After Donald Trump vowed to hike tariffs on imports of steel and aluminium, a move that is expected to hurt European businesses and the wider economy, Brussels threatened to retaliate with tariffs on U.S. products such as orange juice, motorbikes, jeans and peanut butter.

Kate Hoey, an Ulster-born MP for London and one of the few Labour politicians still carrying the flag for euroscepticism in the party, has voiced similar sentiments, remarking that Remainer threats of civil disorder in the absence of customs-free trade between Northern Ireland and the Irish Republic are "insulting" and only serve to encourage "men of violence".

The European Union offered Britain "solidarity" yesterday after London accused Russian Federation of a nerve agent attack on British soil, but held off any threat of new sanctions as Prime Minister Theresa May considers her own response.

The debate and vote (on Wednesday) come ahead of the 22-23 March EU summit in Brussels where EU heads of state or government are expected to approve the Council's guidelines for the future relationship negotiations.

During a recent trip to Britain, France's finance minister, Bruno Le Maire stated that financial institutions would have to depend on a legal mechanism called equivalence. The UK will look to match European Union regulatory standards (and possibly adopt identical rules) to ensure that trade in most goods remains as free as possible.

Barnier also made it clear that if Britain wanted to remain in some European Union agencies like those on chemicals, aviation or medicines, it would also have to recognize the authority of the EU's top court in those areas. Of course, associate members typically do not have voting power and have to rely on soft influence.

Jyrki Katainen also gives us the European Commission's take on other pressing issues, including moves to dump non-reusable plastics from our daily lives and clean up our oceans; and the latest steps towards merging at least some aspects of defence and the military in Europe. "It's also why FTAs don't have detailed rules for financial services".

The EU and Britain are hoping to seal a deal this month on a transition period after Brexit, and start talks on their future relationship this spring.

Britain says the implementation period will give businesses certainty heading into next year, as the rest of Britain's future relationship with the European Union is yet to be agreed upon.

Latest News