'The UK will be asked to make substantial indefinite contributions to the EU budget after Brexit in exchange for British banks having access to Europe’s financial markets, under plans being considered in Brussels.
German government officials told the Bloomberg news agency that a trade deal with the UK could only include financial services if the UK makes payments to Brussels and continues to follow EU law.
The stance risks enraging Conservative Brexiteers, including Foreign Secretary Boris Johnson, who have made the end of payments to the EU budget after Brexit a red-line – but insisted the City would still be able to prosper once Britain has left.
Any payments would be on top of the £39bn divorce bill agreement by Theresa May, a figure that only covers existing British liabilities.
Earlier this week Michel Barnier, the European Commission’s chief negotiator, said in a dinner speech that a free trade agreement “may include provisions on regulatory cooperation” for financial services in line with those between the EU and Japan.
But he re-stated that with Britain leaving, its “financial service providers can no longer enjoy the benefits of a passport to the single market nor those of a system of generalised equivalence of standards”.'
Read more: Brexit: UK must keep paying into EU budget if its banks want to trade in Europe, Germany to demand
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