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France to worsen banking relations with UK

France to worsen banking relations with UK

The relations between the UK and France have always been like thin ice. However, for many years, the countries have had almost no reason to quarrel. Yet, the apple of discord became the consequences of Brexit. Paris is confident that London does not comply with the obligations assumed under the signed post-Brexit agreement.
Therefore, France is threatening to block regulations that allow UK financial companies to do business in the EU if the country does not respect its Brexit commitments on fishing. "The UK must deliver licenses, authorization to access their waters for fishing, that’s the deal," French Junior Minister for European Affairs Clement Beaune said. He suspects the UK of non-compliance with its own obligations, namely providing fishing vessels from EU countries with free access to British territorial waters as per the Brexit deal. He warned that retaliation measures would be adopted in other sectors, including financial services. Currently, London has not issued a fishing license yet. Therefore, if fishermen suffer in France, bankers will suffer in the UK. "It is quid pro quo," he stressed.
Beaune was one of the most vocal opponents of Brexit. He insisted on keeping the EU as it was without any separations. Despite the opposition, the United Kingdom left the block in January 2020. Until the end of 2020, there was a special transition period. During that time, most of the previous regulatory rules were maintained. From 2021, UK-EU relations are specified in the provisions of the bilateral Brexit agreement.
 

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