UK Financial Firms Facing Tough Brexit Hurdles from the European Union

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European Union President Donald Tusk will on Wednesday finally unveil negotiating guidelines for the future relationship with Britain which warn London it can not have completely free trade after Brexit.

The EU has said Britain can not continue to have free access to the single market because it has ruled out continuing to meet its membership conditions - chief among them the free movement of workers from other EU countries to Britain.

In his speech on UK-EU co-operation post-Brexit, the Chancellor will refer to past attempts at forging a free trade agreement between the United States and Europe. "But it will only be a trade agreement", he added.

However, the BBC said it understands President of the European Council Donald Tusk will reject the proposals. Many EU officials believe that the U.K.'s continued membership of the customs union, something May has ruled out, would be beneficial to both sides and may be the only way to solve the problem of keeping the Irish border invisible.

He added: "A pick and mix approach for a non-member state is out of the question".

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May used her speech last week to call for an EU-UK deal that worked "more fully than any free trade agreement anywhere in the world today", while acknowledging it was time to face "hard facts" about the economic consequences of Britain's shock 2016 vote to leave.

Speaking ahead of this, the Belgian MEP said, "On the rights of EU citizens, the European Parliament welcomes the inclusion of future partners in the draft treaty, as we have long pushed for". One could suggest that this in itself is "cherry-picking".

It also warns that the UK's current "red lines" in Brexit talks "would lead to customs checks and verification which would affect global supply chains and manufacturing processes, even if tariff barriers can be avoided".

Beyond the trade agreement, the draft guidelines say other "socio-economic cooperation ... could be envisaged" including an aviation transport deal "to ensure connectivity" as well as cooperation in research, education and cultural programs.

"We don't want to build a wall between the European Union and Britain", he said this lunchtime, promising an agreement like Canada has with the bloc. If a Canadian financial firm wants to do business in the European Union it must set up a presence inside the bloc and comply with European Union regulations.

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In her address, Mrs May stood firm in calling for a different relationship to that which Canada, Norway and Turkey have with the European Union, declaring: "If this is cherry picking, then every trade agreement is cherry picking".

Prime Minister Theresa May's spokesman, James Slack, said "we look forward to seeing the final guidelines, and hope they will provide the flexibility to allow the European Union to think creatively and imaginatively about our future economic partnership".

The debate over the draft guidelines among the EU27 is expected to be intense, finally bringing to the forefront some sharp differences in national interests based on which countries will be affected most by Brexit.

But Hammond will say the bloc had sought to include financial services in other trade deals in the past and it made no sense to exclude them from the Brexit deal that London and Brussels are due to hammer out in the coming months. This would rely on a system of tariffs that do not adequately cover financial services.

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