EU’s Barnier says UK banking proposals ‘unacceptable’


The EU’s chief Brexit negotiator sharply accused London on Tuesday of seeking to preserve its position as a global financial gateway to Europe, despite its divorce from the bloc.


The City of London has been Europe’s financial hub for decades, one of the major benefits of Britain’s 47 years of EU membership that ended on January 31.

Michel Barnier, the EU’s negotiator for future relations with the UK, said Britain was trying to preserve the benefits of membership for its big banks and investors.

“I will be blunt: its proposals are unacceptable,” Barnier said in a virtual speech to the Eurofi financial conference.

RELATED NEWS:COVID-19: European Union evacuates 477 nationals from Lagos

January 1, when a post-Brexit transition period ends, will “bring big changes” to London-based financial companies, he said.

“This should not come as a surprise to you. We have been warning about this for the past three years,” he said.

Barnier made his comments as the EU and Britain were holding talks in Brussels on forging their future ties after four months of fruitless negotiations.

READ ALSO:Coronavirus: New York imposes quarantine on eight US states

Global banks from Wall Street and Asia are hoping to maintain their vast operations in London as much as possible.

Watch Leakblast TV channel from around the world

Barnier said that Britain “would like to make it easy to continue to run EU businesses from London, with minimal operations and staff on the continent.”

“There is no way member states or the European Parliament would accept this.”

Thanks for Reading via the most updated news portal


Share your story with us

Advertise With us

Encourage & Support LeakBlast

Feel free to contact us

Call Us:+234(0)9073726403
Get us on Whatsapp: +234(0)8181166425      
Email Us:


Good  journalism costs a lot of money.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble Endeavor.

By contributing to LeakBlast, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Support LeakBlast


Please enter your comment!
Please enter your name here