Economy

United Kingdom parliament will not be able to overturn European Union referendum: Brexit minister

United Kingdom parliament will not be able to overturn European Union referendum: Brexit minister

Johnson told an audience of subscribers to the Daily Telegraph - a pro-Brexit newspaper - that Britain is "prepared" to walk away from negotiations with the European Union if it can't get the right deal.

The European Parliament - which will have the final veto on any Brexit deal - is set to publish its own demands for trade talks later on Wednesday in Brussels.

This could lead to queues and delays for vehicle based freight both at the United Kingdom ports but also at a number of European gateways. Last week, May said not securing a special deal for the City would hurt both regions.

Mike Cherry, national chairman of the Federation of Small Businesses, said discussions over future trade deals were "clearly important" but the priority for firms now was getting clarity about the immediate future with the European Union after Brexit day.

But Hammond will say the bloc had sought to include financial services in other trade deals in the past and it made no sense to exclude them from the Brexit deal that London and Brussels are due to hammer out in the coming months.

The Government was told yesterday France wants a "fair" Brexit settlement but the economically important financial services sector could not be covered by a free-trade agreement.

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"Firms now want to see swift agreement on the transition period, to provide much-needed certainty and allow us to focus on reaching a mutually beneficial trade deal", said Stephen Jones, chief executive of UK Finance, a banking lobby. If London assumes we will deal with other issues first, my response would be: "Ireland first".

"We don't believe that financial services can be part of an FTA [free trade agreement]", Le Maire said in a speech in London.

One of the big Brexit sticking-points centers on the border between Ireland and Northern Ireland.

"Services are about common rules, common supervision and common enforcement to ensure a level playing field". "What I've said is that the EU's model of equivalence, which is unilateral and withdrawable on no notice in some cases. would not work", Hammond said.

She outlined five key test for the success of the future deal with the European Union - implementing the referendum, creating an enduring deal, protecting security, a deal that is consistent with the kind of country Britain wants to be and strengthening the United Kingdom.

The chancellor has set out a vision of what he hopes and thinks is necessary, possible and desirable to achieve when it comes to the all-important financial services sector, which is the UK's biggest single export, makes up a tenth of our economy and pays almost 12% of all taxes. And it is this unfettered access to the European Union market that has drawn a number of financial firms to set up base in the UK.


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