UK’s Javid: Frictionless trade with the European Union would be ‘over’

European Union's Chief Brexit negotiator Michel Barnier said there will be no general global or permanent equivalence on financial services

The UK's Chancellor reacted to the British Retail Consortium's (BRC) warning that border checks on imports could cause fresh food supply problems.

There have been increasing concerns among City firms, compounded by a recent equivalence row in Switzerland, that the EU could revoke agreements at short notice, sometimes for political reasons, putting their ability to service European clients at risk. Currently, the pair is trading at 1.7230, up 0.13% as of 10:45 AM UTC.

Brussels has also made clear that if equivalence is granted for trading, clearing or other financial activities, its regulators would closely supervise United Kingdom rules to ensure it was staying aligned to those in the bloc.

"We've been clear there will be some changes but that can be done in a way that the sector. continues to thrive". "There will not be general, open-ended, ongoing equivalence in financial services", he told MEPs.

The remaining European Union member nations are still going over Barnier's proposals for a post-Brexit trade relationship with the UK.

He added that Britain should not be under the illusion the City of London's financial services will have preferential access.

The head of the Commission said the prime minister's Greenwich speech on free trade was "music to our ears", but she warned that an Australia-type deal, mentioned by Mr Johnson, did not exist.

At the same time, the EU's chief negotiator Michel Barnier warned that Britain's big financial sector would lose its automatic right to operate in European Union countries, and checks would be carried out on British goods.

Mike Bloomberg fights back with three endorsements from black Congress members
The audio clip of Mr Bloomberg's comments was posted on Twitter on Monday by Benjamin Dixon, a progressive podcaster. Stop-and-frisk was a policy that began during the mayoral tenure of Rudy Giuliani who proceeded Bloomberg.

"They also raise standards on a broad range of issues from labour rights to environmental and this is what makes us proud of them", she said.

European Commission president Ursula von der Leyen pointed out that even Australia wants a better trading relationship with the bloc than the one it now has.

The EU would "retain a free hand to take our own decisions".

Von der Leyen, the president of the European Commission, told the Strasbourg parliament that the shortfall from Brexit would be around 75 billion Euros ($82 billion) over the seven-year period.

The UK prime minister set out his preference this month for a deal similar to the EU-Canada trade agreement, but said if that did not work out then trade would have to be based on World Trade Organization rules.

The EU has said that the closer the United Kingdom adheres to bloc rules, the closer the economic relationship between the two parties would be.

"We will no longer be rule-takers, but we remain committed to the highest worldwide standards of financial regulation and to shaping global rule-making".

"Brexit can not be business as usual", he told the MEPs.

Related News:

  • Barr: US scrutinizing information ahead of 2020 election, including from Giuliani

    Barr: US scrutinizing information ahead of 2020 election, including from Giuliani

    Bowdich would not answer when asked whether Joe or Hunter Biden were under investigation by the FBI. That said, the attorney general appears to be looking at the info skeptically.
    Conservative Merz plans to run for German CDU chair

    Conservative Merz plans to run for German CDU chair

    Katrin Göring-Eckardt, the Green party group leader in the Bundestag, warned Christian Democrats against veering to the right. Merkel has said she will not run for a fifth term in Germany's next general election, which is now scheduled for fall 2021.
    Billie Eilish gives emotional Oscars performance in memory of stars we've lost

    Billie Eilish gives emotional Oscars performance in memory of stars we've lost

    Cameras panned around the room as the duo continued to sing and one landed on the "Bad Guy" singer's very astonished face. Billie Eilish was tipped to perform the new No Time to Die James Bond film theme tune at The Oscars last night.
  • US Senate advances resolution limiting Trump's ability to wage war

    US Senate advances resolution limiting Trump's ability to wage war

    Americans overwhelmingly support our attack on terrorist Soleimani [.] If my hands were tied, Iran would have a field day . At a news conference after the vote to proceed to debate, senators from both parties urged support for the measure.
    'PS I Still Love You' Is A Smart Follow-Up To Young Love

    'PS I Still Love You' Is A Smart Follow-Up To Young Love

    She also claims Peter is insane about Lara Jean and tell her that often. "Their friendship is also a very deep love ". In a plot twist many viewers may hate to see, Lara Jean breaks up with Peter after seeing a photo of him hugging Jen.
    New Hampshire Primary 2020 Livestream

    New Hampshire Primary 2020 Livestream

    Democratic presidential candidates are reevaluating their campaigns after last night's New Hampshire primary . The next contest for the Democratic presidential contenders will be the Nevada caucuses on February 22.
  • LPG price hiked by ₹144.5 per cylinder, steepest since January 2014

    LPG price hiked by ₹144.5 per cylinder, steepest since January 2014

    In the updated estimation, Rs 38,568.86 crore fund has been allocated as fuel subsidy for the fiscal year 2020. As per revised estimates for FY20, an amount of Rs 29,627.76 crore has been provided towards DBT for LPG.
    FIA postpones Chinese GP over coronavirus epidemic!

    FIA postpones Chinese GP over coronavirus epidemic!

    The Chinese Grand Prix has been postponed as a result of the coronavirus outbreak and the Hong Kong Rugby Sevens could follow suit.
    Jennifer Aniston bares abs in magazine shoot as she turns 51

    Jennifer Aniston bares abs in magazine shoot as she turns 51

    We totally see that for her, too! "Not to mention having her pant-less doesn't make the picture more appealing in the slightest". Fox News Flash top entertainment and celebrity headlines are here.
  • Two Russian Space Probes Stalk U.S. Spy Satellite

    They operate in a polar orbit several hundred miles above the Earth's surface, allowing them to cover its entirety. Space enthusiast Michael Thompson raised concerns about Cosmos 2542's maneuvers on Twitter late last month.
    New 'reaper of death' Tyrannosaur species discovered in Canada

    New 'reaper of death' Tyrannosaur species discovered in Canada

    Dubbed Thanatotheristes degrootorum , the ancient creature is the oldest tyrannosaur known from Canada and northern North America. The researchers say the discovery is significant because it fills a gap in our understanding of tyrannosaur evolution.
    Solar Orbiter blasts off to capture first look at sun's poles, Report

    Solar Orbiter blasts off to capture first look at sun's poles, Report

    It is protected by SolarBlack coatings developed by Enbio, a thermal protection firm based at the DCU Alpha campus in Glasnevin. Observations of the poles could explain why the sun's magnetic field changes, alternating over an 11-year period.

Most liked

Trump's US$4.8 tril budget likely to get thumbs-down from Congress
That legislation authorized US$2.75 trillion in new defense and non-defense spending through Sept 30, 2021. During Barack Obama's a year ago in office, the deficit was less than $600bn.

B.C. holds at four cases of the virus
The latest confirmed case comes not long after five Britons tested positive for coronavirus in France. On Sunday, French health officials announced two new cases linked to the ski resort.

NHS given new powers and funding to keep coronavirus patients in quarantine
An A&E worker is among the eight people who have tested positive for coronavirus in the United Kingdom , it has emerged. Bank of England Governor Mark Carney said that from an economic perspective, the virus has overtaken SARS.

World Health Organization names deadly virus from China as 'COVID-19'
Another 108 deaths were reported on Tuesday - the first triple-digit daily rise since the virus emerged in late December. World Health Organization also wanted a name that was "pronounceable and related to the disease", he said.

Just Announced: T-Mobile and Sprint Are Approved to Merge
T-Mobile and Sprint's merger plans are one big step closer to completion after a federal judge ruled in favor of the merger. T-Mobile, based in Bellevue, Washington, is owned by the German telecommunications company Deutsche Telekom.

'Loki': Gugu Mbatha-Raw Joins Marvel Collection On Disney+
Marvel Studios president Kevin Feige has confirmed Loki will tie into the film Doctor Strange in the Multiverse of Madness . The role is now being kept under wraps, but Deadline reveals that it is a prominent character and possibly the female lead.

Michael Bennet drops out of 2020 presidential race, after New Hampshire primary
Bernie Sanders , former South Bend, Indiana, Mayor Pete Buttigieg , former Vice President Joe Biden and Massachusetts Sen. Yang's campaign promoted a universal basic income and wide-reaching programs to address automation among other issues.

Interview - Coronavirus outbreak 'just beginning' outside China, says expert
It is suspected to have originated in a market illegally trading wildlife in the Hubei provincial capital of Wuhan in December. The fast-spreading virus has killed more than 1,000 people in China, where there have been almost 43,000 cases.

Mobile Phones: Samsung launches the Galaxy Z Flip with foldable glass display
Starting at $1,380, the Z Flip is significantly more expensive than Apple's high-end iPhone 11 Pro model, which starts at $999. Weighing 183 grams , the Galaxy Z Flip is powered by Snapdragon 855 Plus processor, has 8 GB of RAM , and 256 GB of storage .

National Hockey League player alert after suffering cardiac episode during Blues-Ducks game
The NHL made a decision to postpone the Blues-Ducks game, which was stopped immediately after Jay's collapse. The Bruins met the Blues and Bouwmeester in the Stanley Cup Finals past year , where the St.

Ninth coronavirus case diagnosed in United Kingdom as virus spreads to capital
Walsh said as soon as he realized he was exposed to a confirmed case of the virus, he spoke to his doctor and health officials. Health officials in Brighton are now trying to trace patients of the two healthcare workers diagnosed with the virus strain.

Thailand Refuses Entry to Cruise Ship With No Coronavirus Cases
In Hong Kong , the ship disembarked 1,254 guests and embarked 768 guests before departing, cruise company Holland America said. However, Thailand's health minister Anutin Charnvirakul said today that the ship would not be allowed to dock there.

Official gameplay reveal trailer released for People Can Fly's upcoming game, Outriders
As mankind bleeds out in the trenches of Enoch, you'll create your own Outrider and embark on a journey across a hostile planet. Previously only announced for current-gen consoles and PC, Outriders is now confirmed to be coming to PS5 and Xbox Series X .

Mel Tucker leaving CU after one season to coach at Michigan State
His hiring is pending an approval vote by the Michigan State Board of Trustees, expected this week, possibly as soon as Wednesday. Tucker took over as the interim coach of the Jaguars in 2011, when coach Jack Del Rio was sacked , and garnered a 2-3 record.

Samsung launches the Galaxy Z Flip with foldable glass display - Mobile Phones
The worst kept secret in tech has finally been officially announced: Samsung is releasing another folding smartphone . Meanwhile, the S20 and S20+ front-facing cameras deliver 10MP resolution, and the S20 Ultra delivers 40MP resolution.