‘The EU is trying to tell the rest of the world what to do!’ Britons are enraged by the bloc’s attempt to isolate London.
The British populace has responded angrily to the EU’s attempt to prevent London from exporting financial services.
Governor of the Bank of England Andrew Bailey stated yesterday that he has seen no indication that the European Union is willing to reopen its doors to British financial services exports. After Brussels paused on resolving whether UK financial standards are “comparable” to EU regulation, the City of London has been denied access to the EU market. This has been regarded as a crucial requirement for gaining entry to the market.
The EU argued that the reason for this was a fear that Britain would stifle future financial services.
The European Union has threatened to suspend its equivalence assessment until its member states have explicitly endorsed a new regulatory cooperation framework with the United Kingdom.
“On equivalency, I think it’s fair to say that nothing has really gone forward,” Mr Bailey said.
He also stated that he has no intention of easing financial regulations as the United Kingdom seeks to attract international investment following Brexit.
The British populace has reacted angrily to the EU’s threats against the UK.
Readers of this website have expressed their opinions in the comments area.
“Equivalence can also mean we can’t create new rules,” one user said. The EU is attempting to tell the rest of the world what to do once more.”
“Nothing has changed since we left the EU,” said another. The idea that “equivalence” can change in the future isn’t a one-way path, thus the EU might not have “equivalence.” This isn’t a sensible argument; it’s the EU’s usual ruse. Sigh.”
Another said, “Go over it.” What does Brexit imply? Brexit. Travel to Asia. Forget about the European Union. There is no service export to the European Union.
“Agreed,” said a fourth. Furthermore, the UK should terminate its goods trade agreement with the EU. And there’s the EU’s trade surplus with the United Kingdom. Stop the EU from fishing in UK waters.”
“We are not going to tone down our financial regulations,” added another. We’re a worldwide financial center, and the EU and global markets account for the majority of our revenue.”
Some people disagreed.
“50 percent of the City’s business is with the EU; without it, London slides to fourth or fifth position in the world and no longer qualifies as a ‘Global Financial Centre,” according to one user.