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Yesterday's #Brexit paper from the @EU_Commission contains some bleak reading for the City of London when it comes to access to the #EU market after the transition period: 1/ https://ec.europa.eu/info/sites/info/files/brexit_files/info_site/com_2020_324_2_communication_from_commission_to_inst_en_0.pdf
First and foremost, there is the soon to be famous Amendment 21: a warning that, for services offered by UK investment firms, the commission is going to take its time before deciding whether to grant market-access rights. 2/
The #EU argues that it cannot take rapid decisions on market access because its own regulations have yet to bed down: future financial-services access for the #UK will depend on Britain having rules as tough as Europe's. A system known as "equivalence" 3/
But that is not all: despite taking a decision yesterday to temporarily ensure that European companies can continue to access #UK clearing houses (crucial market infrastructure), the paper is clear that, over time, Brussels wants more of this business to be on the continent. 4/
This reflects comments from @MichelBarnier that it is not in the #EU's interest to remain so reliant on the UK for financial services. The main message from the paper is that the EU will only aid the City's access to European customers when it's clearly in the EU's interest 5/
