PANICKING Brussels will let European banks trade trillions through the City of London until 2022 — even if there is No Deal.
The UK is the global leader in money market infrastructure with our firms acting as the middlemen for buyers and sellers.
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But EU banks face being cut off from these vital “clearing houses” at the end of the year if Brexit trade talks collapse.
Those banks currently “clear” £670trillion a year — with the vast majority going through London.
With Brussels increasingly scared of an acrimonious split, they shared plans to give Euro firms an 18-month special licence to carry on using London.
This is despite years of tough talk with Eurocrats saying they could never approve such a move, and botched attempts to try to poach British expertise away to EU financial powerhouses such as Paris and Frankfurt.
It comes amid a major call to arms from Brussels to all 27 EU countries, warning the chances of No Deal was rising and to hike preparedness.
A memo calls on embassies to provide the Commission with details of their “sectors that would be most affected by a No Deal scenario” — as they draw up last-minute bailout plans.
EU capitals are on red alert after Prime Minister Boris Johnson demanded powers to change the Withdrawal Agreement, accusing Brussels of an “extreme and unreasonable” interpretation of the deal.
No10 was discussing a compromise where MPs would be given a final say on ever using the powers, ahead of a vote next week.
Home Secretary Priti Patel says frontline NHS workers will be ‘prioritised’ for coronavirus tests
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