France Warns UK To Block Regulations That Would Allow The U.K. To Continue Operating Financial Regulations In Europe

• 04.27.2021, 20:55
•  Europe,  World

© Benoit Tessier/Pool via AP

 France is threatening to block regulations that would allow the U.K. to continue operating financial regulations in Europe if the country doesn’t respect its Brexit commitments on fishing, Bloomberg reports.

"The U.K. must deliver licenses, authorization to access their waters for fishing, that’s the deal," French Junior Minister for European Affairs Clement Beaune told BFM Business TV Tuesday.

If the U.K. doesn’t provide access to its waters to the fishing industry as per the Brexit deal, Beaune said "retaliation measures" will be adopted in other sectors, including "financial services."

As long as commitments aren’t met on fishing, "we will give none," said Beaune. "It is quid pro quo."

The financial sector was left out of the Brexit deal signed last year, meaning that financial firms aren’t able to work in the European Union like they do in the U.K. In March, both sides agreed on a Memorandum of Understanding on a deal for financial services, but they haven’t been able to obtain the so-called "equivalence" for full market access.