PANICKING Brussels will let European banks trade trillions through the City of London until 2022 — even if there is No Deal.
The UK is the global leader in money market infrastructure with our firms acting as the middlemen for buyers and sellers.
But EU banks face being cut off from these vital “clearing houses” at the end of the year if Brexit trade talks collapse.
Those banks currently “clear” £670trillion a year — with the vast majority going through London.
With Brussels increasingly scared of an acrimonious split, yesterday they shared plans to give Euro firms an 18-month special licence to carry on using London.
This is despite years of tough talk with Eurocrats saying they could never approve such a move, and botched attempts to try to poach British expertise away to EU financial powerhouses such as Paris and Frankfurt.
It comes amid a major call to arms from Brussels to all 27 EU countries, warning the chances of No Deal was rising and to hike preparedness.
A memo calls on embassies to provide the Commission with details of their “sectors that would be most affected by a No Deal scenario” — as they draw up last-minute bailout plans.
EU capitals are on red alert after Prime Minister Boris Johnson demanded powers to change the Withdrawal Agreement, accusing Brussels of an “extreme and unreasonable” interpretation of the deal.
Despite a major backlash,Priti Patel said the new powers were needed to “stay true” to Northern Ireland in the event of a No Deal.
The Home Secretary slapped down Tory critics of the plan to “overwrite” part of the deal after 30 Tory MPs failed to vote in the first showdown over the new Internal Marks Bill.
Last night No10 was discussing a compromise where MPs would be given a final say on ever using the powers, ahead of a vote next week.
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https://www.hellofaread.com/politics/brits-can-game-the-system-get-coronavirus-test-by-lying-about-postcode-mp-says/
