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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Craig Erlam
Latest posts by Craig Erlam (see all)
- US Open – Bank Holiday Buzz - 05/26/2020
- Business Breakfast Podcast (Episode 44) - 05/26/2020
- Market Insights Podcast (Episode 114) - 05/22/2020