Brussels has rejected the UK’s proposals on how to govern the City of London’s access to the European market after Brexit, saying Theresa May’s latest financial services plan would rob the EU of its “decision-making autonomy”.
Michel Barnier, the EU’s chief Brexit negotiator, told European affairs ministers on Friday that the British prime minister’s vision for the City’s future relationship with the EU would violate the principle that access rights to the bloc’s financial services market are a gift from Brussels that can be freely withdrawn.
His remarks were a rebuff to the UK government — which published its white paper this month on Britain’s future relations with the EU — and highlight the many conflicts between the two sides despite a more conciliatory tone over the Northern Ireland border issue at the same meeting.