Brexiters seem to have forgotten that the last time the U. K. fought trade wars over fish, it lost ignominiously.
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The industry became a symbol of dissatisfaction with the EU, an illustration of the"take back control" narrative of the Leave campaign. It was a tangible example that people could point to - the UK would literally be reasserting control over its waters by exiting the unpopular Common Fisheries Policy.
When the “transition period” ends, U.K. based financial services companies will lose “passporting” rights to the EU. This means that they will not be able to trade services across borders freely within the EU as they have done in the past. Many have been setting up EU subsidiaries to solve this problem: the subsidiary can have passporting rights even though the U.K. parent will not. For many banks, this raises the question: why bother to have headquarters in the U.K.
U.K. banks have mostly become domestically focused since the financial crisis, so are not likely to suffer significantly from loss of passporting. The sole exception is Barclays, which continues to be active in international investment banking. But it is more focused on the U.S. than Europe. For example, consider central clearing of interest rate derivatives. If equivalence were not granted, and there had to be repatriation of clearing of Euro-denominated interest rate derivatives between EU-based counterparties – that is about 13% of the overall market – if you pulled that slice out of the overall market that wouldn’t make that much difference to the economics of what’s left , but it would make a huge difference to the economics of what’s been taken out.
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