EU Is Refusing to Budge on Post-Brexit Financial Services

European Commission sticks with Canada model for U.K. banks
Presentation was made to EU-27 in Brussels in Tuesday

The stars of the European Union (EU) sit on a flag flying outside the Berlaymont building ahead of a news conference at the end of the fifth round of Brexit negotiations in Brussels, Belgium, on Thursday, Oct. 12, 2017. The European Union said scant progress has been made in the latest round of Brexit talks, increasing the chances of a messy departure as time is running out to clinch a deal.Photographer: Dario Pignatelli/Bloomberg

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By Ian Wishart

January 30, 2018 at 9:48 PM UTC

Updated on

January 31, 2018 at 5:00 AM UTC

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U.K. banks will have limited access to the European Union’s single market after Brexit if the government refuses to weaken its red lines, the European Commission told diplomats, according to two people familiar with private discussions in Brussels.