Barnier Gets Tough With UK on Brexit

European Union Chief Negotiator Michel Barnier dug in and stressed a hardline trade position just as U.K. Prime Minister Theresa May’s key ministers were starting to unite behind a Brexit policy that may soothe rifts in her Cabinet.Barnier used an interview with the Guardian newspaper published late Monday to rule out a special carve-out for the U.K. financial services industry and warn that Britain will have to abide by any new rules drawn up by the EU during a transition period after leaving the bloc.His comments, which underline the EU’s determination not to let the U.K. enjoy the benefits of membership after leaving, came hours after May’s core Brexit team met to discuss what kind of trade deal the U.K. will seek with the bloc when talks start early next year.

Source: Michel Barnier Doubles Down on Brexit – Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
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 Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. 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.