Brexit and Ireland: how can we solve the border crisis?

Sergio Conner
March 13, 2018

The survey by the Financial Conduct Authority (FCA) is for businesses that offer their financial services under European Union "passporting" rules to customers in Britain from a base in another member state.

Overall, he added, "it is time to face up to the hard facts".

British finance minister Philip Hammond was due to tell the European Union today that it must allow that sector to be part of a post-Brexit deal.

"I recommend that we keep a close eye on the regulatory divergence, this dumping", he said, warning that it could become a key obstacle if Britain wants to get a smooth exit from the EU. "We will set out further details on these proposals and how the scheme will operate in due course". 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.

As a member of the EU, Britain is prevented from negotiating its own trade deals but Fox said his department is working to rollover arrangements the bloc already has with many countries around the world after Brexit.

Jean-Claude Juncker was speaking during a debate on Brexit in the European Parliament this morning ahead of a vote on future UK EU relations tomorrow.

The motion, prepared by the European Parliament's Brexit Steering Group, stresses that the EU has binding common rules, common institutions and common supervisory, enforcement and adjudicatory mechanisms, to make it clear that even closely-aligned third countries with identical legislation can not enjoy similar rights, benefits or market access to those of EU member states.

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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".

A year ago the prospect of a harder Brexit saw the Pound lose lots of value, the market is now pricing in the higher chance of a softer Brexit which has helped Sterling to rise and removes the possibility, I feel, of the Pound dramatically plunging.

European Council president Donald Tusk has threatened to freeze Brexit talks, insisting that the sequence of negotiations must be "Ireland first".

London's response to the guidelines was cold in turn, with British Chancellor of the Exchequer Philip Hammond calling them "very tough" on Wednesday, claiming that Britain would refuse any final trade agreement that did not include financial services.

"We should all have a shared aim - a deep and comprehensive future relationship between the United Kingdom and the EU".

He continued to say "we could do a deal with America in 48 hours", which was met with laughter.

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