City of London’s Post-Brexit Outlook Dimmed by Barnier Clash
- Barnier rejects U.K. opening gambit on finance ‘equivalence’
- The EU is already moving toward a tougher regulatory regime
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Talks on the post-Brexit future of European capital markets have largely avoided the toxic haggling of the broader negotiations -- until now.
U.K. Chancellor of the Exchequer Sajid Javid and chief European Union negotiator Michel Barnier traded blows Tuesday as the two sides approach a self-imposed June deadline to make progress. The flashpoint is the very foundation of the future relationship: A policy called “equivalence” that would give U.K. firms continued access to the single market.