We Don't Want to Build a Wall with UK, Donald Tusk

Russian President Vladimir Putin attends a meeting during his visit to Samara Russia Wednesday

We Don't Want to Build a Wall with UK, Donald Tusk

Obvious as this might seem, it needed to be said.

And yesterday the president of the European Council Donald Tusk was blunt in his assessment of cakeism highlighting the "negative economic consequences" of Brexit. The EU guidelines added that "there can be no "cherry-picking" - Brussels jargon for getting free access in certain sectors including financial services without the obligations and costs of membership, including respecting freedom of movement of people from EU countries.

May highlighted the role of technology in reducing the need for border checks to a minimum, saying the government would seek to help traders by "streamlining processes" and "drawing on the most advanced IT solutions so that vehicles do not need to stop at the border".

However, the United Kingdom will also have to hand over continued access to its territorial fishing waters.

EU leaders, including the European Commission's chief negotiator Michel Barnier gave muted reactions to the speech on Friday, but it is clear that demands will be seen as 'cherry picking, ' and these demands will nearly certainly be rejected by the EU27 in negotiations in due course. "It will make it more complicated and costly for all of us than it is today", Tusk said.

The arrangement has angered unionist who have warned that it would effectively place the border in the Irish sea between Ireland and Britain. Those arrangements, however, should involve "new barriers" to such access "where absolutely necessary", she said.

The Investment Association said protecting the ability of asset managers in Britain to serve EU-based clients was critical to avoid disruption to Europe's economy and to protect the integrity of the wider financial services industry in the UK.

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Brussels officials pointed out that an "associate membership" - a status that does not exist yet and would have to be created especially for Britain - would not give London the kind of access to the European Union single market it sought.

The participation in certain European agencies requested by British leader in his speech is also ruled out.

Le Maire said Britain should accept the current system used by non-EU financial companies allowed to operate within the European Union, known as 'equivalence regimes. Instead, they painted a picture of drift and economic loss for a country that has been a member of the European Union since 1973. "But given the highly regulated nature of financial services, and our shared desire to manage financial stability risks, we would need a collaborative, objective framework that is reciprocal, mutually agreed, and permanent and therefore reliable for businesses", she said. "So it will be particularly important to have domestic flexibility, to ensure the regulatory environment can always respond nimbly and ambitiously to new developments".

In a keynote speech at the City of London's Mansion House Friday, May said, "What I am seeking is a relationship (future economic partnership with the EU) that goes beyond the transactional to one where we support each other's interests".

To set the mood, the former Polish prime minister did not skip the opportunity to put Brexit into historical context.

The steering group comes under the aegis of the Conference of Presidents and its objective is to coordinate and prepare the assembly's deliberations, considerations and resolutions on the UK's withdrawal from the EU.

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