Leading pro-#Brexit figures warn Barnier of no-deal scenario in Brussels

As a response to the private talks between Michel Barnier and Remain-supporting politicians at the end of last year, leading Brexiteers arranged a meeting with the European Chief Negotiator for Brexit to stress "no deal is better than a bad deal" for the UK.

After 2 months of arrangement, leading pro-Brexit figures, led by independent MEP Steven Woolfe, had a private meeting with Michel Barnier, European Chief Negotiator for Brexit, on Wednesday in Brussels. By warning the EU27 of "huge support" among British voters for reverting to the WTO rules instead of a bad deal, the delegation of Brexiteers strived to counter the influence of a spate of meetings weeks ago between Barnier and Remain-supporting politicians, including Lord Adonis, Nick Clegg and Ken Clarke.

Mr Woolfe was accompanied by former Director General of the CBI Lord Digby Jones, Labour Leave chairmain John Mills, and co-Chair of Leave Means Leave John Longworth.

The meeting was "pleasant" as Lord Jones described. However, after having talked with the "tough negotiator" for the EU-27, the delegation showed concerns whether the British negotiators will stand firmly in the second phase of Brexit negotiations expected to start in March. "They need to understand that a free trade arrangement that includes financial services and services in general is not going to be on offer," said Mr Woolfe to EU Reporter, with emphasis that "we only have 10 months" to reach an agreement.

According to the Brexit timeline, the negotiations need to be finished by autumn this year, to allow enough time for the withdraw deal to obtain consent of the EU and UK Parliament. As of now, it is still unclear what type of economic and trade deal will be achieved. Financial firms based in Britain hope to gain market access to do business in the single market after the exit day on March 29, 2019, while the EU chiefs have insisted in adopting a EU-Canada type trade deal that excludes financial services by repeatedly stating that Britain would not be allowed to cherry-pick the benefits.

Financial sector has long been crucial to the UK economy and is predicted to be the most vulnerable industry if a no-deal scenario takes place. In 2016, financial and insurance services accounted 7.2% of the UK's total gross value added (GVA). Although worry increased in London as the exit day draws near, the delegation of Brexiteers dismissed the claim that the UK will suffer more damaging economic consequences than the EU with a 'no deal' Brexit.

"The UK is the fifth largest economy in the world," Lord Jones emphasized. "And we're in a global paradigm now."

Meanwhile, he is still in the hope that the power of trade would be the common ground for the both sides. "It is the ability to get a kid in the banlieue of Paris, or in Athens, in Spain into work," he told EU Reporter during an interview after his meeting with Mr Barnier.

"We don't want go to the WTO and trade without a deal with Europe, but we will if what European Union does is actually making it so difficult and expensive that it isn't worthwhile," Lord Jones added.

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