Hammond - sceptics are wrong to say banks can't be in Brexit deal

Later today, European Council president Donald Tusk is holding a press conference in Luxembourg to set out the draft guidelines for the future relationship with the UK. Donald Tusk said the only option available to the United Kingdom was a Canada-style free trade agreement, despite this already having been ruled out by Theresa May past year.

The chancellor has set out a vision of what he hopes and thinks is necessary, possible and desirable to achieve when it comes to the all-important financial services sector, which is the UK's biggest single export, makes up a tenth of our economy and pays almost 12% of all taxes.

Her finance minister Philip Hammond was to tell the EU in a speech later Wednesday that including financial services in any trade deal was in the "mutual interest" of both Britain and the union.

In a statement on the guidelines, Tusk said: "Therefore, it should come as no surprise that the only remaining possible model is a free trade agreement".

Under a so-called hard Brexit, Britain would have to set tariffs on its goods and services, which could take years to complete.

The British Ports Association (BPA) has written to the EU to warn that a free trade agreement on goods could still lead to major disruption and European ports. "Friction is an inevitable side effect of Brexit, by nature", the former Polish premier added.

But many banks like Goldman Sachs and Standard Chartered have decided not to rely on a transition deal or bet that Britain will get favourable trading terms for financial services once the political noise dies down.

Flippy the burger flipping robot is on a break, already
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European Trade Commissioner Cecilia Malmstrom said on Thursday that the European Union was a close ally of the United States and should be exempt from impending USA metals tariffs.

Northern Ireland will have the UK's only land border with the European Union after Brexit, and Varadkar has also urged May to spell out her proposals.

He expects Britain and the European Union to agree a transition deal later this month to bridge a gap between Brexit Day on March 29 next year, and new trading relations from January 2021.

Many banks are working on a worst-case scenario of having to fall back on World Trade Organization (WTO) rules for trade with the EU.

"The reality on the ground today is that firms can't make their next move until they know what the state of play will be from March 2019", said Cherry.

If Britain were to join the European Economic Area, dubbed the Norway option, it would have access to the EU single market in return for accepting free movement of EU citizens and contributing to the bloc's budget, but with no say over the EU rules it must implement. It's also why FTAs don't have detailed rules for financial services.

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