Jens Weidmann, signalling a tough line from Germany on the Brexit divorce talks to come, said Britain would need to be in the European Economic Area (EEA) to keep the so-called passporting rights that allow its banks to sell their services across the European Union. But when asked about this possibility, May was blunt.
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At a strategic level, those allies fear its exit from the EU could mark a turning point in post-Cold War worldwide affairs that will weaken the West in relation to China and Russian Federation, undermine efforts toward European integration and hurt global free trade.
Despite warnings before the vote that Brexit would shatter economic confidence, some positive economic data and Softbank’s sftby $32 billion takeover of Britain’s technology company ARM have stoked the perception that Britain could prosper outside the EU.
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The FT reports that Theresa May was due to meet “mostly” finance CEO during a visit to the USA on Monday, as well as some figures from the tech and entertainment industry.
Britain will get “the right deal in terms of trade” with the European Union, Prime Minister Theresa May told a group of USA business and finance leaders on Monday, in a bid to reassure investors after her country’s shock vote to leave the European Union.
U.S., Japanese and European banks have raised concern about the impact on London, now the only global financial centre to rival NY, while investors say the shape and timing of Brexit remain unclear. And … we will be ambitious in what we want to see for the UK.
Goldman Sachs, Morgan Stanley, BlackRock, IBM, and Amazon were said to all be represented. Subsequently, there will be an evening reception for about 60 business leaders.
She is being accompanied by Foreign Secretary Boris Johnson and Priti Patel, International Development Secretary.
Andrew Tyrie, chairman of the Treasury select committee, said the business put at risk if the United Kingdom lost its access to the single market – and associated passporting rights for individual companies – was significant.
May is under pressure to maintain London’s stature as a center of finance.
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May is in NY at the same time as London Mayor Sadiq Khan, who warned on Sunday that access to the European Union single market is “crucial” to the capital’s continued success. While May argued Monday that it’s in everyone’s “interest” to reach an agreement, her chancellor of the Exchequer, Philip Hammond, may be ready to accept giving up access to the single market because of migration goals, according to people familiar with the deliberations. May refused to be drawn on her own views.
