Ryszard Masierak

Nick Robinson stuns French minister with BRUTAL Brexit point – ‘you want to DAMAGE London’

The BBC host pointed out that the number of banks moving from London to Paris after Brexit are in the “low hundreds”.

In response, Mr Le Maire said it will be the bank’s decision but he warned finance is no longer the “enemy” of France.

He said: “We need financial services. We need strong banks. We want France to be as attractive as possible and I think the message that was conveyed by the French people by voting for.”

He added: “France is back.”

Mr Le Maire also said the most important element of ‘s Brexit speech on Friday was confirming an end to financial passporting within the EU.

The Prime Minister said Britain will not be “rule takers” after Brexit as she ruled out access to the EU’s passporting system.

Mrs May also called for “mutual recognition” in which the UK and EU would agree common regulatory outcomes but have the freedom to set their own rules.

But the European Commission’s chief Brexit negotiatorMichel Barnierwas quick to shut down the claims. He said: “In the absence of a common discipline, in the absence of EU law that can override national law, in the absence of common supervision and a common court, there can be no mutual recognition of standards.”

Mrs May said in an interview with the : “If we were to accept passporting, we’d just be a rule taker, we’d have to abide by the rules that were being set elsewhere.

“Given the importance of financial stability, of ensuring the City of London, we can’t just take the same rules without any say in them.”

The passporting system allows banks and financial companies to trade freely in any member state.

The European Union passporting rights are a fundamental element of the single market.

The loss of passporting rights would mean UK banks and financial firms would need to set up subsidiaries within the EU and apply for a local licence in order to continue selling within the EU.

Posted on; Express.co.uk>>

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