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Fri, 14 August 2020

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Paris and Frankfurt working to cut City of London out of financial market after Brexit - reports

Paris and Frankfurt working to cut City of London out of financial market after Brexit - reports

Agnes Chambre

2 min read

Paris and Frankfurt are teaming up to shut the UK out of the financial market after Brexit, it has been claimed.  

Government and banking officials from both countries are reportedly working to convince the EU to make it unfavourable to trade with Britain in a bid to win business from the City of London.

Former foreign office minister Jeremy Browne, who acts as the City of London's envoy on Brexit, warned in a memo sent to ministers over the weekend that lobbyists were trying to “actively disrupt and destroy” Britain’s financial sector.

The news that France and Germany could be planning to work together to undermine the City is particularly striking because the European Commission is able to block the UK from the Euro clearing market, , which brings in £880bn-a-day.

Attempts to exclude the UK from Euro clearing in the past were blocked by the European Commission because it discriminated against a member state - however this ruling would no longer apply after Brexit.

Mr Browne claimed, in a memo seen by The Mail on Sunday, that France sees Britain as “adversaries, not partners”.

“They are crystal clear about their underlying objective: the weakening of Britain, the ongoing degradation of the City of London.

“The clear messages emanating from Paris are not just the musings of a rogue senior official in the French government or central bank. France could not be clearer about their intentions.”

Catherine McGuinness, policy chairman of the City of London Corporation, told Reuters: “Decisions are already being made. We need a clear pledge from both sides of a transition period so that there is clarity for business.”

Read the most recent article written by Agnes Chambre - Confusion among Labour's top team as senior figures disagree over second EU referendum


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