Ever since the referendum, the reality has hit home for the British government as to ‘the weakness of (its) bargaining position’, says the Financial Times. This ‘dawning’ of reality has led ministers to realise that ‘they are accepting Brussels’ demands rather than genuinely negotiating’ during discussions with the EU. When talk turns to trade in the new year, this is unlikely to change, says the FT.
It’s true, of course, that given the importance of the City of London, the EU will not want to ‘cut off’ European companies from accessing it when Britain leaves the EU. Yet even when it comes to this subject, Britain ‘will not have the upper hand’ in negotiations and Brussels ‘will set tough conditions’, predicts the paper. These conditions are partly justifiable, says the FT, pointing out that the EU will want to enforce regulations that ensure the UK financial services industry does not subject the ‘EU economy to volatility and excessive risk’.
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