Brexit LIVE: Four EU cities planning UK powergrab, says banker – ‘Europe has upper hand!’
FOUR EU cities are planning a huge Brexit powergrab in a massive blow to the UK and City of London, the boss of the world’s biggest bank has warned.
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JP Morgan chief executive Jamie Dimon told shareholders in an annual letter Brexit “cannot be positive” for the UK in the short term and will lead to increased costs for customers, both in the UK and throughout Europe. He added: “Europe has had, and will continue to have, the upper hand.” City bankers are becoming increasingly concerned about the lack of a detailed agreement between the UK and European Union on financial services, which remains Britain’s biggest and most lucrative industry.
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Last month, the two sides signed a memorandum of understanding on financial services, but they still at loggerheads over an equivalence deal that would grant further access to UK-based firms.
Speaking on the distance between the UK and EU in the current talks, Mr Dimon said: “In the short run (i.e., the next few years), this cannot possibly be a positive for the United Kingdom’s GDP – the effect after that will be completely based upon whether the United Kingdom has a comprehensive and well executed strategic plan that is acceptable to Europe.”138253833198
He hailed London as being “a magnificent place to do business” in terms of the rule of law, people and technology but also warned the future financial rules with the EU are hugely uncertain after Brexit, and named four EU cities that will benefit.PROMOTED STORYsponsored byLiviWhat happens after I’ve been vaccinated for Covid-19?Book Now
Mr Dimon said: “It is clear that, over time, European politicians and regulators will make many understandable demands to move functions into European jurisdictions.
Brexit latest: Four major EU cities are planning a huge powergrab, a banking boss has warned (Image: GETTY)
“Because of this – and because of strong European efforts to compete with London – Paris, Frankfurt, Dublin and Amsterdam will grow in importance as more financial functions are performed there.”
JP Morgan has around 12,000 staff in London and 19,000 across the UK, but Mr Dimon warned it is possible a “tipping point” may arise where the firm has to move all of its operations out of the capital serving the EU to the continent.
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Brexit latest: The UK cut all ties with the EU at the end of last year (Image: GETTY)
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11.38am update: Sinn Fein President calls for “positive leadership” to resolve Northern Ireland violence
Mary Lou McDonald said: “It’s not just words, colleagues of mine, like Paul Maskey and others, were out on the Springfield Road yesterday with activists, youth workers, calming the situation and encouraging the young people who had congregated to go home and the community rallied to that,” she said.
“The nights of more than a week of loyalist violence and stoking up tensions is extremely dangerous. It needs to be faced down and positive leadership needs to be demonstrated right across every community.
“Every single one of us has an absolute obligation to contribute to calm and reassurance. The proposed protests this weekend must be called off and we need to hear that primarily from unionism.”
11.10am update: Time to fix ‘weak’ EU! Verhofstadt in scathing attack on VDL after Turkish embarrassmenthttps://da7c6c7b4598e0fdbacf3afe11413a6b.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Guy Verhofstadt lambasted the “indecisiveness” and “weakness” of the European Union institutions following the Commission’s row with the President of Turkey.
Commission President Ursula von der Leyen was taken aback to find her fellow top EU official taking the only chair available next to Turkish President Tayyip Erdogan when the duo visited Ankara.
Footage from their meeting on Tuesday showed the first female head of the EU executive, the only woman in the talks, gesturing in disbelief and uttering a surprised sigh as Erdogan and European Council President Charles Michel took the two centre-stage seats prepared, relegating her to an adjacent sofa.
The move sparked a diplomatic row between the EU and the Turkish leader who later claimed the sitting arrangements were approved by the bloc ahead of the meeting.
Mr Verhofstadt said the row highlighted the shortcomings of the European Union ever since the separation of the two roles between the Commission and the Council.
Brexit critic Guy Verhofstadt lashed out at the EU following the Commission’s row with the President of Turkey. (Image: GETTY)
Britons have reacted with fury over reports expats living in the EU are losing their jobs, homes and healthcare.
Following Brexit, expats have claimed authorities in some states such as Italy, France and Spain are not adhering to the conditions agreed under the withdrawal agreement.
With some barred from returning to their second homes or threatened with deportation, Express.co.uk readers reacted with fury over the treatment of UK nationals abroad.
A reader insisted the UK should’ve pushed for a no deal Brexit due to the issues some expats have suffered abroad.
One person said: “Seems this Brexit deal is very one-sided.
“Would we not have been better with no deal.”
A second said: “Another breach of the withdrawal agreement.
“If they can break the agreement then we must be allowed to too.”
Joe Biden has taken a huge swipe at Brexit after warning the Good Friday Agreement protecting peace in Northern Ireland must not become “a casualty” of the UK’s departure from the European Union as violent riots continued to dominate the streets of Belfast.
The week of terrifying violence has centred around increasing tensions over the Irish Sea trade border following Brexit and the fallout from the police’s handling of the mass republican funeral that took place during pandemic restrictions last year.
US President Mr Biden, who is of Irish heritage, has often lashed out at Brexit, with his relationship with the UK and Prime Minister Boris Johnson subsequently getting off to an extremely uncertain start.
He has continued to repeat his support for the Northern Ireland Protocol, a key part of the Brexit deal negotiated between the UK and European Union.
Under the terms of the agreement, goods arriving from the UK are now subject to additional custom controls at ports in Northern Ireland.
But Unionists have warned the introduction of trade barriers has strained ties with the rest of the UK and has inflamed loyalist tensions.
President Biden’s Administration called for calm in Northern Ireland and repeated his support for the Good Friday Agreement, but warned it must not become a “casualty” of Brexit.
Brexit latest: Joe Biden has called for calm in Northern Ireland (Image: GETTY)
THE EU “weaponised” Northern Ireland during Brexit talks resulting in this week’s awful violence, one commentator has claimed.
As clashes continue in Northern Ireland, commentator and historian Ruth Dudley Edwards claimed the EU had used the state to put maximum pressure on the UK to agree a Brexit deal.
Although there were alternatives to the protocol, Ms Dudley Edwards insisted Boris Johnson had been forced to accept a deal that impedes trade between Great Britain and Northern Ireland due to his predecessor.
Despite agreeing a deal, the commentator also warned Brussels had chosen to interpret the customs rules as strictly as possible to inflict “maximum damage” to the UK.
While she also attacked the EU over its intransigence during Brexit, the commentator also claimed Theresa May had “caved” in to their demands during her time as Prime Minister.
Joe Biden added his voice to calls urging for calm in Northern Ireland, after a week of violence shook the province.
The US President also reiterated his support for the Northern Ireland Protocol, which was negotiated as part of the Brexit deal.
Under the terms of the agreement negotiated with the EU, goods arriving from the UK are subject to custom controls at Northern Irish ports.
Unionists have argued, however, that the protocol has strained ties with the rest of the UK through the imposition of trade barriers and has inflamed loyalist tensions.
Jen Psaki, the White House press secretary, said: “We are concerned by the violence in Northern Ireland and we join the British, Irish and Northern Irish leaders in their calls for calm.”
She added: “We welcome the provisions in both the EU-UK trade co-operation agreement and the Northern Ireland protocol, which helped protect the gains of the Belfast/Good Friday agreement.”
Brexit latest: The key moments that led to the UK’s departure from the EU (Image: EXPRESS)
Brexit is no excuse for the dramatic unrest that is shaking Northern Ireland for the seventh consecutive night, a Tory MP has said.
The civil unrest which erupted in Northern Ireland has partly been blamed on Brexit.
Speaking on BBC Newsnight Former Conservative Northern Ireland Secretary Theresa Villiers said she doesn’t believe Northern Ireland is in jeopardy.
“I do not believe that the peace process is in jeopardy,” said Ms Villiers.
“It’s a depressing fact that rioting and lawlessness of the kind we’ve seen on the streets over recent days is something that has disfigured Northern Ireland over decades.
“We need a robust police response to it but references back to Brexit are not an excuse for these rioters.
“Nothing justifies what they’re doing.”
Labour’s Emily Thornberry has been accused of failing to understand international trade policy after the shadow minister warned Britain could accidentally end up with a trade deal with China.
The Government has made joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) one of its key priorities for trade in 2021. A formal application to join the group was submitted by International Trade Secretary Liz Truss in January.
The bloc is made up of 11 countries: Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam and Japan.
It is one of the fastest-growing free trade areas in the world and is set to overtake the EU in the next few years.
However, Ms Thornberry has written to Ms Truss demanding the public consultation on joining the CPTPP be re-opened.
She said China is also eager to join the bloc and Britain could be forced into a trade deal with the communist country via the trade bloc.
- Tory MP says ‘Brexit is no excuse’ for violence in Northern Ireland
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