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B ritain will fight against the maneuvers of Brussels to secure the businesses of the City of London after the Brexit, despite a government White Paper conceding defeat to obtain an agreement from the European Union for access easier to financial services.
Officials told the Telegraph that any EU effort to impose market surveillance on British territory would be a red line in the Brexit negotiations, which will resume next week. Meanwhile, the British White Paper, released on Thursday, revealed that Theresa May would be looking for a mild Brexit for the goods, but was resigned at a much harder break for the city of London.
While accepting that financial services will take a hit after Brexit and The White Paper stresses that Britain reserves the right to depart from the EU's financial regulations after Brexit while respecting international standards. Industry figures highlight the possibility of diverging from Brussels as a major advantage of Brexit.
The EU fears that after the Brexit, Britain is cutting EU rules, it has helped a lot in drafting after the financial crisis. Because of its proximity and links with the continent, this could pose a risk to financial stability, according to European officials. Brussels has already started legislation aimed at keeping the city close to EU regulation after Brexit, while capitals such as Paris and Frankfurt seek to exploit the weakness of the leading European financial center.
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