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Published: Sat, February 17, 2018
Economy | By Melissa Porter

UK to Seek EU Mutual Recognition Deal For Financial Services

UK to Seek EU Mutual Recognition Deal For Financial Services

Speaking after a meeting with German Chancellor Angela Merkel in Berlin, May stressed the importance of economic ties between Britain and Germany that she said "secures and generates hundreds of thousands of jobs in both countries".

German Chancellor Angela Merkel opened the door to giving Britain a unique, tailor-made trade deal after Brexit, pushing back at the rhetoric from the European Commission that Theresa May has to choose between existing models.

Barnier told an audience in Munich he still believes in an orderly Brexit, rather than a "no deal" sought by some anti-EU hardliners in Britain.

'We as 27 will be very carefully vetting that process to see to it that it is as close as possible but that it is different to what Britain now has as a member - which is what they want and what the British people want but this does not mean that it needs to be cherry-picking'.

'Europe's security is our security and that is why I have said that the United Kingdom is unconditionally committed to maintaining it, ' Mrs May will say.

Asked what her biggest bone of contention was in negotiations, Merkel added: "There is not one single bone of contention. I'm just curious how Britain envisages this future partnership".

Mrs May, who will speak in Munich on Saturday about her plans for a close security relationship with the European Union after Brexit, said the Government would set out more about its plans for the economic partnership "in the coming weeks". But he said companies should use the time until March 2019 to prepare for the consequences of Britain's departure, many of which were being underestimated.

The UK says that while the legal framework for its membership of these arrangements will end when it leaves the European Union in March 2019, it wants to draw up new working arrangements - which ministers have described as being "as close to the status quo as possible".

Mrs May also insisted there would be no return to a "hard border" in Northern Ireland and said there were various ways the issue could be addressed.

Theresa May will risk a fresh clash with European Union leaders over Brexit when she warns them not to let "doctrine and ideology" stand in the way of preserving cross-border security.

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