Published: Sat, July 14, 2018
People | By Leon Thompson

New Brexit secretary Dominic Raab introduces Brexit white paper

New Brexit secretary Dominic Raab introduces Brexit white paper

A man takes a photograph of the Canary Wharf financial district from Greenwich Park in London, Britain, January 22, 2017.

This has infuriated fervent Brexit supporters, who think it would limit Britain's ability to strike new trade deals around the world.

'With looser trade ties to Europe, the financial and related professional services sector will be less able to create jobs, generate tax and support growth across the wider economy.

Negotiators want to conclude an agreement on the future relationship by October.

"As part of this, the existing autonomous frameworks for equivalence would need to be expanded, to reflect the fact that equivalence as it exists today is not sufficient in scope for the breadth of the interconnectedness of UK-EU financial services provision", the White Paper said.

Chancellor Philip Hammond has defended Theresa May's Brexit plan after the City of London Corporation lashed out at the proposals.

Meanwhile, Brussels may well reject the plan outright because it is trying to cherry-pick special access to the single market with a special carve out on the free flow of goods.

But EU officials have opposed the idea, saying it would take away the EU's autonomy in rulemaking. "It's therefore regrettable and frustrating that this approach has been dropped before even making it to the negotiating table".

His remarks on Brexit came the same day May's government published long-awaited proposals for Britain's relations with the European Union after it leaves the bloc next year. It proposes there should be arrangements for the financial sector that "preserve mutual benefits of integrated markets and protect financial stablity", although they "could not replicate the EU's passporting regimes".

According to leaked government documents seen by the Financial Times, and also reported by The Guardian, emergency plans are being drawn up to power the region using "thousands" of barges carrying fossil fuel-powered electricity generators. Last month, a senior European Union official said this would be unacceptable as it would undermine the integrity of the single market.

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The Treasury said: "This proposal is the best option for getting a good deal for the City".

Under current equivalence rules, access is patchy and can be revoked at short notice.

And that in turn would make it far more hard to do trade deals with other countries like the United States.

The DUP, on which Mrs May relies for a majority in the House of Commons, has also said it would not accept the policy.

"This looks like the UK's attempt to become the tail that wags the dog", Johnston said.

The proposed free trade "economic partnership", according to the United Kingdom, would "protect the uniquely integrated supply chains" developed over the last 40 years, and the jobs and livelihoods dependent on them, "ensuring businesses on both sides can continue operating through their current value and supply chains".

Reuters reported last month that the bloc was opposed to changing equivalence exclusively for Britain, and that any improvements to its so-called equivalence regime would apply to other countries too.

Failure to agree would see Britain leave the European Union without a deal, with the risk of huge economic disruption on both sides of the Channel.

Davis' replacement, Brexit Secretary Dominic Raab, said the plans called for an "innovative and unprecedented economic partnership" between Britain and the EU.

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