Mock ‘Brexit’ Talks Paint Bleak Picture for Britain Outside EU

London could not remain Europe’s financial centre if Britain left the European Union at an upcoming referendum, top European politicians said on Monday, warning that reaching a free trade agreement with Britain would not be the bloc’s priority.

Painting a bleak picture for Britain outside the EU during a simulated negotiation of what would happen in the event of an “out” vote, politicians from several European countries said Britain would not be able to “cherry pick” a new deal post-exit.

“There is no such thing as a free lunch. Brexit is something which does not only affect you but affects our country,” said former German deputy finance minister Steffen Kampeter.

“The cherry-picking proposal, after torturing us over months, is not acceptable.”

Kampeter said Germans would not back their government agreeing to a post-Brexit deal that gave London an advantage over Frankfurt as a financial centre, while former Irish Prime Minister John Bruton said Dublin would seek to take London’s crown.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.