The European Union is poised to offer Japan better access to its markets than the United Kingdom, prompting City supremo Catherine McGuinness to claim Britain’s financial services industry was being overlooked during EU-UK trade talks.
However, Robert Oulds, director of pro Brexit think tank the Bruges Group, has said the bloc’s infantile endeavours to punish the City of London was doomed to fail and any such move would result in the EU’s financial system rapidly running out of cash.
Catherine McGuinness, head of the City of London Corporation’s policy and resource committee, said the deals which Japan has secured with both the EU and the United Kingdom were a model which needed to be replicated elsewhere.
And she claimed that instead, the UK’s financial sector was always being treated like a neglected child during negotiations.
Mr Ould’s told a news outlet that the EU depends on the City of London and that it would be completely self-defeating and he added that such a move would be a definitive example of cutting off one’s nose to spite one’s face.
And he continued that they couldn’t do that to themselves.
Not only that, the EU’s financial system would run out of money in days, but Mr Oulds said he wasn’t concerned by any suggestion that the EU was prioritising Japan over the United Kingdom – he said that this was just a negotiating situation and that it demonstrated that they were troubled by Britain’s formidable stance.
In the past, Mr Oulds has been critical of Boris Johnson’s failure to step away from trade negotiations with the EU, but he said it showed Boris Johnson was winning and that he could get something right.
Speaking before International Trade Secretary, Liz Truss signed off on a landmark trade deal with Japan and Ms McGuinness told a news outlet that they indeed wanted the EU to offer them something at least as enterprising as they’re offering Japan.
And that they were closer neighbours and bigger partners and they saw some promising signals about what they might achieve in other regions of the world that they would like to see replicated with their EU counterparts.
Speaking in August, European Commission executive vice president Valdis Dombrovskis, who was at the time its finance commissioner, cautioned regulatory equivalence, whereby City firms gain access to the EU, could still take months to be granted, and he added that some areas would not be in a position to adopt equivalence decisions.
But it seems that they’ve got millions salted away, never to see the light of day, but they don’t want their books audited properly otherwise it would undoubtedly demonstrate how bad a state the EU is in, and the Euro would most probably automatically crumple with some blatant deception going on in a big way.
And it’s a bit like a Ponzi system, all leaning to each other, but like a house of cards, it will all come falling down – perhaps that’s why they want a global reset. But as we leave, this is what the EU will endeavour to do to us, this is why we must tear up the withdrawal agreement and give them nothing.
Because they not only want to level the playing field, they want to control all of our sovereignty and we must not play their game.
