Theresa May Rejects 'Passporting' For City Of London After Brexit

05 March 2018, 12:46 | Shawn Tate

Theresa May´s speech key words and phrases

Theresa May´s speech key words and phrases

Theresa May has said that signing up to "passporting" for the City of London after Brexit would leave the United Kingdom as "just a rule-taker", insisting that financial services will instead be covered through a free trade deal.

"We all need to face up to some hard facts", May told ambassadors and business leaders in the Mansion House, the 18th century official home of the Lord Mayor of London in the heart of the capital's financial district.

In an interview with the BBC's Andrew Marr programme conducted on Friday and broadcast on Sunday morning, May said: "If we were to accept passporting we would just be a rule taker, we would have to abide by the rules that were being set elsewhere".

She dismissed the commission's insistence that it would not allow "cherry-picking" of rights and obligations, insisting that this was a part of any trade negotiation.

Britain must leave the European Union on March 29, 2019, with the expectation that the country's transition period will last for about two years.

May's speech, entitled "Our Future Partnership", was an attempt to settle doubts over how Britain sees its future outside the European Union and its economic architecture and to try to ease frustrations in Brussels over what they say is a lack of detail.

Dr Wollaston told BBC Radio 4's The Week in Westminster: "The objective of signing amendments often is to get the Government to talk to you and to come up with their own proposals. and compromise".

The crucial intervention ahead of the next round of talks with Brussels, appeared to unite warring Remain and Leave factions of the Conservative Party.

Labour's shadow chancellor John McDonnell told Sky News' Sunday with Paterson show that the PM's Brexit speech was more about trying securing a "limited truce" within the her own party than "the interests of the country".

The proposal, he said, was a "starting point" for talks not a solution.

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European Union and United Kingdom officials will be expected to discuss Mrs May's proposals on the border when they meet for technical talks from Monday to Wednesday in Brussels, which will also look at citizens' rights, the financial settlement and the terms of the transition.

"The City (financial centre) needs a deal in place before the end of a transition period".

"This is the mistake that is made in Britain all the time", he said.

Mr Coveney said if no solution was reached, the fall-back mechanism, as agreed in December, would entail, if necessary, "full alignment in Northern Ireland with those rules of the single market and customs union necessary to protect North-South co-operation, the all-island economy and the Good Friday Agreement, and to avoid a hard border".

But he rejected suggestions that the United Kingdom would have to accept the fallback option of keeping Northern Ireland in an effective customs union with the EU.

"But we also need to be realistic; when a country leaves the EU and states that they are going to leave the single market and customs union as well, you can't expect to hold on to all the benefits of EU membership".

He added: "Our shared hope is that the future EU-UK relationship can achieve these goals".

"Yes, there will be ups and downs in the months ahead. But we have to see more meaningful progress for sterling to break out of current ranges", said Marc Chandler, global head of FX strategy at Brown Brothers Harriman.

"After what I heard today, I am even more concerned".

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