‘EU will self-implode!’ Brussels backed to falter as bitter feud with UK escalates

Brexit ‘has been a success’ says Lee Anderson

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In the aftermath of Brexit, there has been considerable upset between the EU and the UK, most notably the ongoing tussle over whether Article 16 will be invoked. Since the UK’s departure from the trading bloc, the EU has also attempted to pull financial business from the UK into the EU after Brexit to give it further control in the financial market.

Barnabas Reynolds, global head of the Financial Services Industry Group for Shearman & Sterling, has warned that the EU’s post-Brexit plan to raid the UK of financial firms and to control financial regulatory standards could be a “danger to the world” economy.

He explained this was due to the split between the power of the eurozone and sovereign states.

He warned: “Underlying the push is a wish to be in a position to control and modify global financial regulatory standards to relieve market pressures on the highly fragile – and dangerous – euro project.

“However, the idea is a reckless one and the consequences of such an approach were the EU to succeed, could be calamitous for the world economy.”

Writing for The Daily Telegraph, Mr Reynolds also claimed: “the EU is trying to run before it can walk”.

One Express.co.uk reader with the username SimonSezz seemed to echo this sentiment and backed the EU to falter in the ongoing feud with the UK.

They wrote: “EU will self implode just give it a little more time”.

While Roryisgreen appeared to agree with this, writing: “The end is nigh for EU planks.”

Commenting on the move from the EU, others readers criticised the bloc’s governance relating to other wide-scale schemes and criticised their leadership.

NoSSherlock wrote: “Given the EU could not arrange a booze-up in a brewery I agree with this article.

“Evidence? The EU Covid Vaccine rollout – it was an utter disaster and shambles.”

This sentiment was echoed by another reader with the screen name Cjjs who also described the roll-out in EU countries as “shambolic”.

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They added: “EU leadership have made clear they don’t give a damn about the rest of the world, seizing vaccines destined for other countries proves this, similarly they don’t really care about 99% of people in the EU as proven by their shambolic roll-out of vaccines!”

Other readers pointed out that the City of London has status as a global financial powerhouse, and has long been referred to as “the undisputed financial capital of the European nations”, and while there has been a decline following Brexit, it still holds some acclaim.

Express.co.uk reader figaro99 wrote: “The UK’s position as Financial Capital of Europe has been massively strengthened by us leaving the EU.

“We are now seen as independent of their political and economic madness, and no longer underwriting the EU’s massive debts, unsustainable currency, and failing economies.”

In a further comment, the user suggested the EU was unable to compete with such an accolade, writing: “The EU doesn’t even meet the regulatory requirements to compete with the UK as Financial Capital of Europe, let alone the infrastructure or competence.”

While users including mifihttps pointed out that they weren’t surprised by the EU’s move to ensure that their financial system is under their own control.

The reader adds that in the long term this could allow London to become even more successful.

They wrote: “It isn’t the death of London.

“Just like Dubai or Ankara, it is possible to have a large-ish financial centre at the periphery of the EU, without being a part of the single market.”

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