Michael Barnier did a great job of selectively quoting Sajid Javid statement of “”We will no longer be rule-takers, but we remain committed to the highest international standards of financial regulation and to shaping global rule-making.” In his speech to the European Commission yesterday. DevDosh Ltd weren’t there, but we watched ot on the WWW.
He decided to only mention the “We will no longer be rule-takers” part of the sentence and then ramble on about the next financial crisis and who will be footing the bill.
Barnier also said “When the next financial crisis strikes, who will foot the bill? I doubt the UK will foot it for the EU. That’s why the EU must take responsibility for its financial regulation, supervision and financial stability.”
(Did you see how we didn’t do an MB there and cut out his last sentence there to support our narrative?)
So firstly he has taken Javid’s positive out going comment and spun it into an aggressive protectionist stance. Secondly he has spoken about a future financial crisis with certainty. One would have thought that rather than conceding to such thoughts a man in his position would be committed to averting such a crisis. Thirdly, he makes it clear that as far as Britain is concerned the EU is a pay to play game and that if the UK is not going to be picking up the bill for EU financial mismanagement then we shouldn’t have access to their customers.
Before falling for the short quote/misquote main stream media politically biased spin on negotiations, red lines and propaganda familiarise yourself with the facts. Watch as much as you can rather than reading someone else’s interpretation of it.
If no trade agreement is reached then, as has been touted continuously for 4 years now the “UK will be out of the EU on WTO terms”. Familiarisation with the WTO Agreement on Financial Services quickly identifies a solid working framework which has served international banking since 1995. Would a trade deal be preferential, of course. Will the engaged parties be able to see past their own greed and ego – we can only hope.
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