Is the European Union really being unreasonable over the City of London?

Or are we seeing an inevitable consequence of a Brexit that prioritised sovereignty over financial services?

A thread…🧵💵🏦🇬🇧🇪🇺

Andrew Bailey’s Mansion House speech this week showed clear signs of frustration about the EU’s foot dragging in granting “equivalence” to UK regulators on financial regulation...2/https://t.co/oSaHiEVwzZ
The view among UK financial lobbyists and regulators is that the EU has various financial equivalence agreements already with a host of other third countries (even the US) so why not the UK, which is currently, of course, totally aligned?...3/ https://t.co/WTYVeLnVVN
But the view in the EU is that the UK is different from those other countries because it’s so dominant in finance - and they fear outsourcing regulation to an authority outside the bloc when that regulated activity could potentially affect EU markets/business so profoundly ...4/
Andrew Bailey thinks the EU is gearing up to demand the UK be a simple “rule taker” in return for equivalence, unable to unilaterally change UK rules, which he says would be "intolerable"....5/
But isn’t the EU just trying to poach business from the City?

To some extent yes – especially true among French.

But don’t discount the financial stability concerns, especially since UK ministers have said they intend to use Brexit to diverge on regulation...6/
In a way the UK and EU views on this are a mirror of each other – both fear the consequences of diluting total regulatory control on finance...7/
In a sense this shows that this IS a natural consequence of Brexit.

When the UK was in the EU both co-operated to determine financial regulation.

Now there’s no institutional mechanism to force co-operation, build trust, ensure enforcement etc...8/
So labelling each other unreasonable arguably misses the point - it's not a question of mental state, but an absence of institutional architecture...9/
An important question is what happens if the EU DOES demand, as Andrew Bailey fears, the UK become an EU rule taker in return for equivalence?...10/
My conversations with the sector suggest that this would NOT be judged a price worth paying and that the City would, with regret, give up on the EU and focus on other overseas markets.

Given the value of UK exports to the EU market that would be painful for both parties...11/
More here for @indypremium 👇

ENDS

https://t.co/12UMPp25Oo

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Long thread: Because I couldn’t find anything comprehensive, I’m just going to post everything I’ve seen in the news/Twitter about Trump’s activities related to the Jan 6th insurrection. I think the timing & context of his actions/inactions will matter a lot for a senate trial.

12/12: The earlier DC protest over the electoral college vote during clearly inspired Jan 6th. On Dec 12th, he tweeted: “Wow! Thousands of people forming in Washington (D.C.) for Stop the Steal. Didn’t know about this, but I’ll be seeing them! #MAGA.”


12/19: Trump announces the Jan. 6th event by tweeting, “Big protest in D.C. on January 6th. Be there, will be wild!” Immediately, insurrectionists begin to discuss the “Wild Protest.” Just 2 days later, this UK political analyst predicts the violence


12/26-27: Trump announces his participation on Twitter. On Dec. 29, the FBI sends out a nationwide bulletin warning legislatures about attacks https://t.co/Lgl4yk5aO1


1/1: Trump tweets the time of his protest. Then he retweets “The calvary is coming” on Jan. 6!” Sounds like a war? About this time, the FBI begins visiting right wing extremists to tell them not to go--does the FBI tell the president? https://t.co/3OxnB2AHdr
Labour Grandees are listed in Sir Keir Starmer's colleague Jeffrey Epstein's ''Little Black Book''; Blair, Mandelson and Alastair Campbell. COINCIDENTLY, Keir Starmer and some of the same people have connections to ANOTHER of the worlds most prolific peadophiles. #StarmerOut


Starmer failed to bring charges against Jimmy Savile for paedophilia. The decision was made despite the Crown Prosecution Service receiving substantial evidence of his crimes from witnesses and victims several years before Savile died in 2011. #StarmerOut
https://t.co/PNyX5uSAkw


With a past like hers, Margaret Hodge might show a bit more humility.
In the Eighties Hodge was aware of previous child sex abuse in the care homes for which she was responsible, and did nothing about it. #LabourLeaks #StarmerOut

As leader of Islington Council, a post she held from 1982-92, Margaret Hodge was aware of previous, horrendous child sex abuse in the care homes for which she was responsible, and did nothing about it. #LabourLeaks #StarmerOut #CSA

She was guilty of rather more than a casual failure of oversight. In an open letter to the BBC after it investigated a range of monstrous abuse (child prostitution, torture, alleged murders), Hodge libelled one of its victims as “seriously disturbed”. #LabourLeaks #StarmerOut

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