⁍ Britain must spell out how far it wants to diverge from European Union rules if it wants access to the bloc’s financial market from January.
⁍ ‘There will be divergence, but we have to get some mutual understanding of how much divergence is likely to happen,’ John Berrigan said.
– British PM David Cameron has warned that the country is ready to walk away from the European Union if it can’t strike a Brexit deal with the EU by the end of March, the Guardian reports. “If we don’t have a deal by the end of March, then we will be leaving the EU,” Cameron said in an interview with the Daily Mail. “We will leave in two years’ time. It’s not a matter of if, it’s a matter of when. It’s a matter of when.” Cameron’s comments come as the EU’s financial regulator warned that Britain may not be able to stay in the single market after all if it doesn’t strike a deal with the EU by the end of March, Reuters reports. “There will be divergence, but we have to get some mutual understanding of how much divergence is likely to happen,” John Berrigan, head of the EU’s financial services unit, told the European Parliament.
Source: https://www.reuters.com/article/britain-eu-banks/eu-tells-uk-to-say-how-long-it-will-align-with-eu-financial-rules-idUSKBN27D06U