'Brexit means Brexit': EU's chief negotiator Michel Barnier hijacks PM's phrase as he says City will lose financial passports

Michel Barnier said the principles of the single market were 'non-negotiable'
European Union: The EU's chief Brexit negotiator Michel Barnier arrives at a conference on the 'The future of the EU' on Monday
REUTERS
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City firms will lose their financial passports when the UK leaves the European Union, Michel Barnier has warned.

The EU’s chief Brexit negotiator warned there was no chance of Britain “cherry picking” desirable elements of the single market.

Speaking at a Centre for European Reform conference on Monday, he also used Theresa May’s catchphrase “Brexit means Brexit” against her.

He turned the phrase back on the Prime Minister as he dismissed “contradictions” of Leave supporters who say Britain can continue to enjoy some benefits of the single market while ditching its core principle of freedom of movement.

'Brexit means Brexit': Mr Barnier used Prime Minister Theresa May's catchphrase against her 
AFP/Getty Images

Pointedly noting that "the UK knows the rules" because it had a part in drawing them up, he insisted that the principles of the market were "non-negotiable".

He added: "We take note of the UK decision to end free movement of people. This means, clearly, that the UK will close the benefits of the single market. This is a legal reality."

Speaking out on talks relating to financial services, he told the conference: “They say there will be no changes in market access for UK established firms, the say joint UK-EU rules would be decided in a new, symmetrical process... between the EU and the UK and outside of the jurisdictions of the European Court of Justice.

"This would contradict the April European Council guidelines, which are my mandate, which stress the autonomy of the European decision-making, the integrity of our legal order, and of the Single Market.

"The legal consequence of Brexit, the legal consequence, is that the UK financial service providers lose their EU passport."

Mr Barnier's speech came as Downing Street refused to confirm reports that Monday's meeting of the Cabinet's Exit and Trade (Strategy and Negotiations) sub-committee would discuss the Brexit divorce bill.

Reports, dismissed as speculation by Number 10, have suggested Mrs May could be prepared to offer a further £20 billion in payments, which would bring the total sum Britain is prepared to pay to settle its liabilities to around £38 billion - well short of the 60 billion euro (£53 billion) sought by Brussels.

European Council president Donald Tusk has set a deadline of the start of next month for Britain to make further movement on the divorce bill.

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