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EU rejects UK Financial Services deal

01/02/2018

The Brexit negotiations continue to run exactly as expected with the EU rejecting a City of London proposal for a free-trade deal on Financial Services post-Brexit. This is not significant as the EU have shown little appetite for serious discussions, preferring to dismiss everything as ‘impossible’. One can only hope that PM Theresa May can persuade them of the folly of this approach, as the EU is not really holding a winning hand. They need money from the UK & unless they start being a little more flexible they will force May out of office, and if that happens they might well end up with zero.

This is not a good outcome for the EU as the financial cobweb of economically unsound countries lending money they haven’t got to other economically unsound countries with no hope of repayment is going to unravel sooner rather than later without the considerable financial contribution from the UK. From the current viewpoint the Euro appears to make Bitcoin (BTCUSD) look like gold bars.

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