“There’s some good language about equivalence for financial services.”

Boris Johnson, UK and EU Trade Deal announcement speech

December 24, 2020

Facts

In his UK and EU Trade Deal announcement speech, Johnson said: “Above all it means certainty for businesses from financial services to ... (other industries)”. The Prime Minister added to these comments about the new trade deal on December 24, telling the news conference after his prepared statement that “there’s some good language about equivalence for financial services.”

The European Commission’s assessment contested this. They said: “the Agreement does not include any elements pertaining to equivalence frameworks for financial services.” It added that the EU will seek clarification on the UK’s plans, particularly over divergence, and “will consider equivalence (decisions) when they are in the EU’s interest.”

Verdict

Yet again the British Prime Minister displayed an astonishing (and culpable) ignorance about the deal he had just negotiated. Mr Johnson’s false statement about financial services should be placed in the context of numerous other misleading comments made by the Prime Minister and his ministers. Some examples can be found here, here, here, here, herehere, here, here, here, here, here, here and here.

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