Europe

‘EU trying to tell world what to do!’ Britons furious at bloc’s plan to shut London out

Bernard Jenkin warns the EU that 'the world is watching'

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Yesterday, Bank of England Governor Andrew Bailey claimed that he has seen no sign of the European Union being prepared to reopen its doors to British financial service exports. The City of London has been denied access to the EU’s market after Brussels stalled on deciding whether UK financial rules are “equivalent” to regulation in the bloc. This has been identified as a key condition for granting market access.

The EU claimed that the reason for this was the concern that Britain will water down financial services in the future.

The European Union threatened that it will only resume its equivalence assessment once its member states formally back a new regulatory cooperation framework with Britain.

Mr Bailey said: “On equivalence, I think it’s fair to say that nothing really has moved forward.”

He also added that he had no intention of loosening financial rules as Britain sought to attract foreign business after Brexit.

EU’s attempts to threaten the UK have not gone down well with the British public.

Express.co.uk readers have taken to the comments section to express their views.

One user wrote: “Equivalence can also mean we can’t introduce better rules. Once again the EU is trying to tell the world what to do.”

Another added: “Nothing has changed since we left the EU. The thought that ‘equivalence’ may alter in the future is not a one-way street thus the EU may NOT have ‘equivalence’. This is not a rational argument – just EU at their tricks again. Sigh.”

A third wrote: Go over it. Brexit. Means. Brexit. Go to Asia. Forget the EU. No service export to EU.

A fourth added: “Agreed. And the UK should cancel the trade deal for goods that it has with the EU. And the EU’s trade surplus with the UK. And stop the EU fishing UK waters.”

Another one said: “We aren’t going to water down our financial regulations. We’re a global financial centre and most of our revenue comes from the global markets and the EU.”

Some disagreed.

One user wrote: “50% of the City’s business is with the EU, without that London drops to fourth or fifth place in the world and is no longer a ‘Global Financial Centre’.”

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