Chris Leslie Profile picture
Mar 4, 2018 5 tweets 2 min read Twitter logo Read on Twitter
The PM told #Marr the Canada trade deal (CETA) & draft US deal gave some hope that UK financial services access could be similar to existing ‘passporting’ rights with EU because “financial services are referenced” in those texts. But those ‘references’ are pretty derisory…
The EU-Canadian deal does not allow financial services firms to ‘do business’ or ‘solicit’ in each other’s territories without licence (Article 13.7.6). There just aren’t the automatic rights to establish business activities that UK currently has across Europe via #Single Market
Trump administration will not allow UK financial services access to American markets because any trade deal done at federal level won’t override local state-by-state licencing, insurance regs, banking licence conditions etc. So UK firms won’t be able to trade freely in the States
Outside #SingleMarket, British finance faces a BAN from whole swathes of business activities on continent eg, regulated commercial lending, trade finance, leasing, receivables finance , payment services, mortgage lending, FX spot & forward trading, commodities trading, clearing
So it's disingenuous to pretend UK financial sector should be content to leave #SingleMarket. The PM’s proposals would be a disaster for Britain’s financial services sector – and for the 11% of the UK’s tax revenues coming from this sector (£66bn) needed for NHS & public services

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More from @ChrisLeslieUK

Feb 22, 2018
Preventing a Brexit disaster - and the austerity this entails - requires more than the #CustomsUnion alone. So here’s a few reasons why Labour’s frontbench must, as a minimum, now also back the #SingleMarket (other than for the famous ‘four freedoms’):
Yes a Customs Union is needed. It helps 20% of our economy. For the other 80% (and growing!) of our economy, which is in ‘services’, we need the Single Market. The right to export UK service expertise is vital.
With 11% of our tax revenues coming from the UK financial services sector (£66bn), we need the Single Market so it can trade on the same basis as financial firms from the other 27 countries. We can’t pay for our NHS, schools, welfare support without this revenue.
Read 12 tweets
Jan 29, 2018
If Britain’s leaving the EU, we’ve surely GOT TO know what the replacement trade deal looks like - so we know where we’re heading? Trouble is, this Government’s ‘implementation’ phase is woeful. Putting a plank on the cliff edge doesn’t make the fall easier. #transition #Brexit
Britain really should settle the new trading partnership before ‘exit day’, because leaving without any guarantees expands uncertainty for business & undermines economy. Why are Ministers sanguine about allowing just 6 months to negotiate future relationship? #transition #Brexit
Some hard Brexiteers actively want to dive off the cliff into ‘no deal’. But to see others only now realise that exit in March 2019 inevitably means the UK will be a rule-taker subject to existing EU rules reinforces how little they thought this process through before referendum
Read 6 tweets

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