European Union official rejects Johnson's idea of loose United Kingdom trade deal

EU chief pleads to save green deal in budget holed by Brexit

"If no budget is agreed soon, then next year we will not be able to fund the fight against climate change, to support research and innovation or to support our cohesion policies", said von der Leyen, who presides over the bloc's executive arm. While Britain doesn't get a say in any decisions or policymaking, European Union law applies in full.

Criticising Johnson's proposal she said that "Australia is a strong and like-minded partner, but the European Union does not have a trade agreement with Australia, " adding "we are now trading on World Trade Organization terms".

The president welcomed UK Prime Minister Boris Johnson's recent call for the post-Brexit UK to become a "global champion of free trade", saying that the European Union also welcomed a "fairer, and stronger" trade system.

THE European Union swiftly rebuffed calls from the United Kingdom government that London's financial services firms should enjoy continued access to the single market even if the country breaks away from the bloc's rules after Brexit.

It is believed that the new system will be closer to USA regulations than to those of the EU. We are now trading on WTO terms.

The UK Treasury had included the demand for so-called permanent equivalence in a draft of its opening positions for next month's trade negotiations with the European Union - some of which were revealed in a document that was photographed as Chancellor of the Exchequer Sajid Javid carried it in Downing Street on Monday.

"Of course, the United Kingdom can decide to settle for less".

Both sides have said they want to avoid such costs and barriers to trade. "But all these models, whatever you choose, have one thing in common - they all come not only with rights but also with obligations for both sides".

Instead, the EU will offer "equivalence", which means European regulators will dictate the standards that UK-based finance firms must uphold.

"Despite breaking the Brexit deadlock in Westminster, a faltering global economy and a challenging domestic business environment could limit the UK's growth prospects - particularly if the lack of clarity over post-transition trading arrangements persists", said Suren Thiru, head of economics at the British Chambers of Commerce.

"We will no longer be rule-takers, but we remain committed to the highest worldwide standards of financial regulation and to shaping global rule-making".

"We saw last time Macron positioning France to take a fair amount of business and play hardball, and I think that is going to happen now", the Labour frontbencher told journalists in Westminster.

The British Retail Consortium (BRC) said the Government would have to move fast to get infrastructure in place for the start of 2021, warning that without adequate preparations the availability of goods on shelves would be disrupted, with fresh fruit and vegetables especially vulnerable.

"The opening of our markets, access to data and equivalence for financial services will be proportional to the commitments made to respect a true level playing field, regulatory coherence, protection of citizens and financial stability", Barnier said.

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