The article analysed what the “technical notices”, released by the UK government, reveal about a no-deal Brexit Britain if the country leaves the European Union without a deal for its relationship in the future. Dr Glinavos wrote specifically about the risk the papers expose for The City.
Talking about passporting, which allows financial services companies in the EU single market to operate across member states without requiring a licence in each one, Dr Glinavos said Britain would be demoted to a rule taker, subject to the EU.
He wrote: “A no-deal outcome means a closed door to UK financial services exporters and exposes them to costs, both in seeking alternative avenues to operate by opening branches in the European Economic Area and in settling breach of contract claims, when alternatives are unavailable.”
His contribution also mentioned the need for the government to clarify if and how they will compensate businesses from the consequences of a no-deal scenario.