UK banks out in cold, warns Macron
‘Be my guest,” French President Emmanuel Macron told Britain, saying he would welcome any move by Prime Minister Theresa May to stay in the European Union’s (EU) single market.
But he added a warning: London’s prized financial centre could not enjoy the same level of access to the EU under May’s current Brexit plan.
At a summit where both leaders hailed the two neighbours’ friendship and historic ties and tried to focus on deepening security and defence cooperation, differences over Brexit threatened to sour the meeting – underlining the struggle May faces to negotiate a deal that will protect the economy.
“The choice is on the British side, not on my side,” Macron told a news conference after being asked why he was opposed to Britain’s financial sector being included in any agreement on future trade between the two sides.
“They can have no differentiated access to the financial services. If you want access to the single market, be my guest. But it means that you need to contribute to the budget and acknowledge European jurisdiction.”
“We recognise that as we’re leaving the European Union we will no longer be full members of the single market,” May said.
“I believe that is not just in the interests of the United Kingdom but also of the European Union as it goes forward to continue to have a good economic relationship.”