European companies would be the losers if the European Union tried to impose barriers on London financiers as such firms would be unable to access some of the deepest markets in the world, Cabinet Office Minister Michael Gove said on Thursday.
Britain left the EU on Jan. 31 but the main terms of its membership remain in place during a transition period until the end of this year, allowing it time to negotiate a new free trade deal with the bloc.
“If it were the case that the EU chose deliberately to raise the barrier themselves on access for our financial services to their market, the losers would be investors in equities in EU companies who would not be able to get the very best price for any transaction that they wanted,” Gove said. Asked about the so called equivalence rules for financial services companies which, if granted, would allow some direct market access for London firms to continue from January, Gove said: “It should be relatively straight forward.”Britain’s chief negotiator David Frost said some “pretty hefty” documents had been exchanged and the constructive process was ongoing.
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