Holy .... this is gonna get very nasty on both sides I am afraid: I think one side clearly has the upper hand here... "Ms Merkel, however, made it clear that Britain would not have full access to the single market unless it accepted free movement, setting the stage for a Brexit showdown between the EU and Mr Cameron’s successor." Source FT AND FURTHER: "The City of London should no longer be able to clear euro-denominated trades, the French president said on Tuesday, adding to post-Brexit fears. François Hollande said at the end of a summit in Brussels where EU leaders started trying to pick through the wreckage of David Cameron’s referendum defeat that it would be unacceptable for the crucial stage in the trading of derivatives and equities to take place in the UK. “The City, which thanks to the EU, was able to handle clearing operations for the eurozone, will not be able to do them,” he said. “It can serve as an example for those who seek the end of Europe … It can serve as a lesson.” The removal of the City’s right to clear in euros is a cherished goal of the European Central Bank in Frankfurt but one that was previously thwarted by the UK in the EU courts. The ECB had argued it was unfair for it to be expected to provide emergency support to clearing houses that operated outside its jurisdiction. The UK had argued that a “location policy” would discriminate against Britain and challenge its role in the single market. George Osborne, UK chancellor, described the UK’s court victory in 2015 as a “major win for Britain”. Mr Cameron made the prevention of any further such encroachments by the ECB one of the priorities of his, ultimately futile, renegotiation of the terms of Britain’s EU membership. Clearing houses such as Deutsche Börse’s Eurex Clearing and London’s LCH.Clearnet confirm trades made on the financial markets and minimise disruption when a trader cannot honour its obligations. London has become a world leader for the clearing of some types of euro-denominated derivatives. Traders have said the ECB’s location policy would be a warped anomaly in the globalised marketplace for derivatives, creating a Balkanisation of the market. Still, while the fight over clearing became a point of principle for the UK government, Mervyn King, the former governor of the Bank of England, said a renewed push by the ECB would not have a huge impact on the City. “The City is much more than a small number of banks that want to trade securities in Europe,” he said. “People all around the world” would still want the benefit of Britain’s legal system when drawing up financial contracts." Source FT
If the following does not make it clear then I do not know what does....(source FT): Europe’s leaders have dug in their heels over uncontrolled migration in the single market, scotching UK hopes for a favourable deal in a direct snub to prime minister David Cameron’s plea to recognise British voters’ concerns. The move to damp Westminster expectations to curb free movement came after the EU’s remaining 27 members met in Brussels for the first time without the UK — a political watershed after 43 years of British membership. “There will be no single market à la carte,” said Donald Tusk, the EU Council president, as the group met to set out the terms of engagement for any divorce talks following the Brexit referendum. Diplomats said the joint statement was deliberately toughened up after Mr Cameron said he would have avoided Brexit if European leaders had let him control migration. With the explicit consent of German chancellor Angela Merkel, a sentence was unexpectedly added to the statement yesterday saying that “access to the single market requires acceptance of all four freedoms”, a reference to EU principles on the free movement of capital, labour, services and goods. “That was our response to Cameron,” said one senior EU diplomat, who added that leaders were not expected to go into policy issues at this stage. After a debate that highlighted divisions over how hard the EU should push Britain, the leaders called on London to start the clock on formal divorce proceedings “as quickly as possible” by triggering the so-called Article 50 exit clause in EU treaties. “There can be no negotiations of any kind before this notification has taken place,” the statement said. Seizing the chance offered by Brexit, French president François Hollande said the eurozone would repatriate the clearing of euro-denominated trading from the City of London, claiming the current situation was “exorbitant” for France. “As soon as the UK is not part of the EU, there is no reason that this continues,” he said. The European Central Bank is preparing to resurrect its so-called “location policy” on clearing houses, according to officials — a move that had been thwarted by the UK after a four-year battle through the European courts. While Mr Hollande said the new British government must invoke Article 50 as soon as it is formed in early September, Ms Merkel has adopted a more patient approach. Mr Cameron said there was no “clamour” for Britain to trigger the exit clause. All the latest news on the political and economic fallout from the Brexit vote Dalia Grybauskaite, Lithuanian president, summed up the stoical mood on Wednesday as leaders contemplated life without the UK. “Today is about us. Of course we will move on. Who will stop us?” she said. That was echoed by Xavier Bettel, Luxembourg’s premier, who said: “We have more need than ever for a united union rather than a disunited kingdom.” Ms Merkel acknowledged that Brexit would “create problems for our trade relations”, since Britain was the world's fifth-largest economy, accounting for 15 to 17 per cent of the EU’s gross domestic product. “That’s why we have an interest in focusing more on growth and efficiency to compensate for what we’re losing,” she said. Nicola Sturgeon, Scotland’s first minister, met Jean-Claude Juncker, the European Commission president, in Brussels on Wednesday as part of her efforts to keep Scotland in the EU. Mr Juncker said that Scotland had “won the right to be heard” after the country’s voters overwhelmingly voted to stay in the EU. On Scotland remaining an EU member, Spanish prime minister, Mariano Rajoy, said: “I am radically against it, the treaties are radically against it, and I think everyone else is radically against it.”
Wow, the icing on the cake, Boris Johnson out. Which begs the question why he switched from remain camp to exit camp and now disappears as well. Farage is out as well. Britain's two biggest liars have done their job and are nowhere to be seen. If anyone accuses European technocrats of deceit then I must laugh. Nowhere in the industrialized world have some leading politicians cheated and lied to their people to this degree and then vanished from the surface of the earth leaving behind a vandalized graveyard. Absolutely mind blowing what is coming out of the UK on a daily basis. Only the Queen admitting she is a lesbian can top this.
Boris did his job but Andrea Leadsom is probably a better choice for leader. Teresa May seems to be the favorite though.
...looks like reality is setting in. All the big mouths are shut all of a sudden. No pre-negotiations, no watered down pick-and-choose trade deals. You got shit. No access to the single market without guaranteeing full mobility. Looks like the Brexit campaign turned out to be completely useless other than of course the usual demonstration what dicks the Brits are when it comes to always wanting something special for nothing in return as modus operandi.
I do not care as long as I speak the truth. It just upsets you that the whole calculation how to deal with a delay of triggering article 50 flew like shit through the fan...I can deal with your anger because I understand why you are angry.
Doubtful. Gove is too unpopular with the public and the party know that electing him would cost them at the next election (whenever that turns out to be). I'd be surprised if May doesn't take this.
Yeah, I agree on Gove, no chance. May is competent, but a little drab perhaps? But I do think a female leader will be better able to handle the alpha male, passive aggressive environment of Brussels. I prefer Leadsom to May.