[...]Macron delivered the tough message at the end of a joint press conference with Theresa May at Sandhurst military training college on Thursday. A day-long UK-EU summit was held to underline the close relationship between the two countries after earlier news of a £45m British boost to border security in Calais.
Financial services is one of the sectors in which France hopes to seize an increased share of the EU market after Brexit. City firms are concerned about new trade barriers, including the loss of so-called “passporting” rights, that allow them to operate throughout the EU from headquarters in London.
Asked whether France would seek to “punish” Britain, by insisting financial services should not be included in a UK-EU trade deal after Brexit, Macron said, “I’m not here to punish or reward”.
“The choice is up to Britain: it’s not my choice – but they can have no differentiated access to financial services,” he said. “If you want access for financial services, be my guest – but it means you have to contribute to the budget, and accept European jurisdiction. It’s a situation that exists for Norway”.
The alternative was a Canada-style trade deal, he said, which could include financial services, but would not include access “on the same level” as existing EU members.
Brussels has consistently stressed that Britain will not be allowed to “cherry-pick” sectors, but Brexit secretary David Davis has said he is seeking a “Canada plus plus plus” arrangement, based on the EU-Canada trade treaty, but with additional access for services.
Britain hopes that with the first stage of talks out of the way, it will be able to capitalise on close trading relationships with key EU allies to achieve a bespoke deal – but Macron said France would stick to the agreed script.
Protecting the integrity of the single market meant that if Britain chooses a Canada-style deal, it cannot be offered the same access to the single market that membership allows, the French president added. “There should be no hypocrisy in this respect, or it would not work and we would destroy the single market.”
The prime minister pointed out that she had said in her Lancaster House speech that Britain would leave the single market after Brexit; but she hoped to achieve a “deep and special partnership” with the EU27.
May said: “I would not want to exclude any sector in the trade agreement to come ... But it does not mean that the access it will allow will be equivalent to [being] a member of the single market.”
On the issue of London, May said it would continue to be “a major global financial centre,” insisting that would be to the benefit of the UK, Europe and the global financial system. [...]
Full article on The Guardian
Related article on Bloomberg: Brexit Deal Must Include Financial Services, Italy PM Says
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