smudgedj
Well-Known Member
I fully agree with your justified reasons why an exception should be made, but it still does not address the fundamental point that a precedent will have to be made in terms of breaching the founding rules of access to the single market (I'm not aware of any other in existence but I'm not an aficionado on that subject) - Problem is nobody likes precedents as that will open up a can of worms, what would then stop Switzerland from saying ' we want the same package' as the UK for financial services without the conditionality attached to entry to the single market, look how the EU has stood firm in the face of the Swiss referendum result on eu migration (which is supposed to be legally binding under there constitution)
Question is will EU political ideology trump economic logic
I can't see it as business investment depends on profits not politics, and once the business lobbyists get on to the European politicians they own, it’ll be the Europeans pushing for a deal for London.
The ECB has already tried to stop countries from outside the eurozone trading euros, it failed. As you know London is Europe’s financial centre despite not having the euro, even Eurodollar futures are linked to Libor.
One of the reason London is so successful is because it's outside of mainland Europe and the British legal system is excellent for these types of business. Soon there will be a transaction tax on financial flows, in Europe only, no one wants to pay that, look at Ireland, inside the EU, in the shit because of it's pro-business policies. I look forward to Irexit.