EU’s Barnier Rejects U.K. Plans for Banking After Brexit
- ‘No way’ that EU would accept U.K.’s cross-border plan
- Barnier says banks need to shift more resources from London
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The European Union’s chief Brexit negotiator rejected the U.K.’s latest proposals for financial firms to do business with the 27-nation bloc after Brexit, accusing Britain of trying to keep as many of the benefits of the single market as it can.
Michel Barnier dismissed Britain’s desires, which he said would let firms keep operating from the City of London, with employees flying in and out of the EU for short business trips. The proposals could even “create a significant risk” of avoiding regulation altogether.