#Brexit – ‘Equivalence is not a permanent subscription, it is a revocable privilege’

| February 13, 2020

The European Parliament has adopted by an overwhelming majority its position on the negotiations on the future relationship with the United Kingdom. The resolution was jointly drafted by all pro-European political groups and contains clear positions on all aspects of the future relationship. The European Parliament makes clearer and sharper statements on fair competition (“level playing field”) than the EU Commission in the area of financial markets and financial crime.

MEP Sven Giegold, financial and economic policy spokesperson of the Greens/EFA group said: “The time for special treatment of the UK is over. The British government’s attempt to give its London financial centre permanent and comprehensive access to the European financial system for decades is audacious. The EU will not let the decision as to which British financial market rules are compatible with European rules be taken out of its hands. Equivalence is not a permanent subscription, but a revocable privilege. What already applies to all countries outside the single market will also apply to Britain. If the United Kingdom deviates from the European rules, it must expect to lose access to the European financial market.

“With today’s decision, Parliament is also putting its finger in the wound of British tax havens. Even today, the British overseas territories are already deliberately undercutting European rules. The European Parliament has made it clear that those who continue to operate tax havens cannot have access to the EU financial market at the same time. We will neither accept tax havens in the Caribbean nor on the Thames.”

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Category: A Frontpage, Brexit, EU, European Commission, European Parliament, UK

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