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Swiss plan MAJOR financial alliance including UK but NOT EU after Brexit

August 11, 2017 6:28 PM
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Swiss plan MAJOR financial alliance including UK but NOT EU after Brexit

SWITZERLAND is making plans to create a major post-Brexit financial union with London, Hong Kong and Singapore, the city of London's EU envoy has claimed.

But the European Union does not feature in the so-called F4 alliance and officials in Brussels are said to be furious at the proposals.

The revelations come in a series of internal memos written by the the City of London’s top Brexit envoy Jeremy Browne.

Switzerland is "quite negative" about the EU and "see opportunities in Brexit", including the possibility of an "F4" alliance of financial centres in London, Hong Kong, Singapore and Switzerland, although they remain "nervous" about a cliff-edge withdrawal, according to the memos.

But Mr Browne warned the EU may seek to take business away from the City, including the multibillion pound euro-clearing market.

The former Liberal Democrat Home Office minister said Brussels blood was boiling at the idea of London “remaining brazenly unaffected” by Brexit.

And he blasted the EU’s approach to negotiating with the UK as “bewildering” and “reckless”, according to City AM.

Other points irritating to Eurocrats include Estonia and Latvia’s desire for the UK to remain “a bulwark against Russian aggression” and and Poland’s “myopic obsession with the size of Britain’s exit fee”.

Mr Browne’s memos suggest Italy “retains a sentimental affinity for Britain” and is be more “conciliatory than the French or Germans”.

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Source: express.co.uk

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