Ursula von der Leyen – EU ‘not punishing’ UK monetary providers sector, London envoy insists
Brussels is “not punishing” the Metropolis of London by withholding key regulatory rulings that might enable UK monetary providers corporations to serve prospects within the EU, the bloc’s ambassador to Britain has claimed.
João Vale de Almeida stated Brussels was ready for extra info from the UK earlier than deciding whether or not British monetary providers regulation needs to be deemed “equivalent” to the EU’s guidelines.
Britain has argued that its guidelines are, by definition, equal, provided that the UK solely left the European single market on January 1. The EU, nonetheless, stated it desires particulars of Britain’s future regulatory plans.
Mr Vale de Almeida insisted the EU/UK commerce deal did supply some assist to monetary providers corporations: he stated they had been free to ascertain in one another’s territories, so there was “no protectionism”.
Many Metropolis corporations have arrange operations within the EU to hold on serving prospects within the single market, within the absence of equivalence rulings that might enable cross-border commerce.
“There is no punishment,” Mr Vale de Almeida advised the Ludgate Lecture organised by Brilliant Blue, a think-tank. “We are waiting for more elements from the UK.”
The British authorities has already submitted 2,500 pages of solutions to Brussels about its laws protecting banks, insurers and different monetary corporations.
Allies of prime minister Boris Johnson consider the EU is attempting to make the Metropolis wait nervously, hoping to lure extra jobs and capital to different European monetary centres, together with Paris.
Each side are aiming to agree a memorandum of understanding by March on regulatory co-operation, however that doesn’t assure that Brussels will grant equivalence rulings.
Mr Vale de Almeida stated he hoped Britain and the EU would forge a powerful industrial, safety and diplomatic partnership within the years forward, declaring: “There is life beyond Brexit.”
In the meantime Mr Johnson has confirmed he’ll supply £23m in compensation to cowl post-Brexit disruption to gross sales of British fish and shellfish to the European market.
The addition of recent laws protecting exports of seafood, notably from Scotland and the south-west of England, has brought about large disruption to exports. Downing Street stated the issues had been “temporary”.
The Scottish Nationwide get together stated the package deal was nowhere close to sufficient to compensate for what it stated had been greater than £1m in misplaced day by day gross sales for the fishing sector due to post-transition commerce difficulties.
In the meantime the European Fee introduced on Tuesday that it was creating a brand new “service” inside its paperwork to watch the rollout of the commerce deal.
Brussels confirmed that Michel Barnier, the EU’s chief Brexit negotiator, would turn out to be a particular adviser to European Fee president Ursula von der Leyen on UK issues.
Maros Sefcovic, one of many establishment’s vice-presidents, would be the EU’s chief consultant on the “partnership council” that may govern the implementation of the commerce deal.
One of many first objects on the partnership council’s agenda shall be a request from the EU to increase the interval of provisional software of the commerce deal past the tip of February, permitting the European Parliament extra time to scrutinise the textual content.
Each the parliament and the bloc’s nationwide governments have indicated that they’re eager on an extension, which might enable the meeting to ratify the deal in March.
However MEPs are additionally engaged on a back-up plan to vote across the finish of February ought to the UK decline to grant extra time, which means that the deal will not be in any hazard.