by Steve Beasant on 19 December, 2017
Commenting on Michel Barnier’s remarks that the UK cannot have a special deal for the City after Brexit, Liberal Democrat Brexit Spokesperson Tom Brake said:
“This shows that a Brexit Deal is going to be far, far harder than the Conservatives think. Membership of the single market and customs union are vital to our economy and we are now starting to see the real potential costs to ripping up our trade deal with Europe.
“The Prime Minister must now face down the hard-Brexiteers and change the government’s position so we stay in the single market. Liberal Democrats believe whatever deal is finally reached must be put to the public so they can vote on if they want to accept it or to reject it and stay in the EU.”
Previous figures released by the Financial Conduct Authority (FCA) show 5,476 UK-registered companies use passports to access the EU market
Research by TheCityUK estimates a Brexit deal without financial passporting could lead to a loss of around £10 billion of tax revenue a year and up to 35,000 jobs