Err, yes, this is rather the point of the exercise

European banks will be allowed to operate as normal in the UK after Brexit under plans due to be announced by the Bank of England, according to reports.

The BoE’s plans are said to allow European banks to carry on operating without having to convert their branches in the UK into subsidiaries and without having to adhere to additional regulations.

The disclosure is likely to spark political controversy as it comes after Michel Barnier, the EU’s chief Brexit negotiator, ruled out a special deal to protect the City of London’s ability to trade on the continent.

Do we think it is of benefit to us that EU banks operate here as branches? What’s that? We do? Great, so that’s what we’ll o then.

What Johnny Foreigner does in Johnny Foreign is up to him, isn’t it? That’s rather the point of delinking from Johnny Foreign, no?

5 comments on “Err, yes, this is rather the point of the exercise

  1. Seems emminently sensible.

    It’s also sensible for the UK to take unilateral initiatives which benefit both the EU and the UK because -as sure as eggs are eggs – there will be no reciprocal gestures from Michel Barnier.

    The more reasonable behaviour is met with intransigence, the weaker the remain argument becomes.

  2. Now if only that could be expanded to pretty much everything else. Unilateral zero tariffs on imports. Do a one-off generous and simple grant of residence to anyone from the EU who is in the UK (with automatic conversion to citizenship a few years later unless you kill someone). Keep the 40bn. Or offer something as a ransom payment for the UK citizens in Europe to also get citizenship. Expensive but worth it to see the EU wiggle and try to claim that of course they would not hold people hostage….but they do want the money.

  3. Lesson we learn – yet again:

    UK is pragmatic, sensible & welcomes competition.

    EU is spiteful, protectionist & loathes UK

    .
    Am I concerned that Abbey Nat, A&L etc are now Santander – No

  4. “It also highlights the fact that the EU is primarily concerned with The Project, not its citizens.”

    Indeed, we see these negotiations as a way to find a win-win situation (to use a phrase I usually hate), they see it as an opportunity to make sure that no other country dares to leave the project and kow-tows to ever closer union.

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