Barnier Rules Out Special Brexit Deal for Banks, Guardian Says

There can be no special deal for Britain’s financial services industry after the U.K. leaves the European Union, the bloc’s chief negotiator Michel Barnier said in an interview with the Guardian newspaper.

Banks will lose access to their “passports” for trade in the EU because of “the red lines that the British have chosen themselves,” Barnier said in the interview published late on Monday. “In leaving the single market, they lose the financial services passport,” he said.

Prime Minister Theresa May has committed to leaving the bloc’s single market and customs union when Britain quits in March 2019. Ministers have floated the possibility of carve-outs for sectors including financial services under a trade deal described by Brexit Secretary David Davis as “Canada plus plus plus.” Barnier specifically ruled out such an agreement. 

“There is not a single trade agreement that is open to financial services,” the Guardian cited Barnier as saying. “It doesn’t exist.”

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