Bloomberg are quoting the FT and saying a task force set up by The City has given up hope of the UK retaining tariff free access to the single market and is close to recommending to Mrs May that we adopt some kind of Swiss deal but I am not sure the EU would ever contemplate such a deal.
The Swiss model is highly complex with about a hundred separate but linked bilateral deals on different sectors. It has cause a lot of headaches and I'm not convinced the EU would ever want to repeat it and not for a country the size of the UK.
Update: The BBC are now reporting the same thing (HERE) so I assume it has some credence. It claims The City, after testing the waters, thinks tariff free access is never going to happen.
And InFacts (HERE) has picked this up and carefully explain why a Swiss style deal won't help, not least because it involves the free movement of people.
It increasingly seems likely we will be forced to accept WTO rules and banks in The City will have to move large parts of their operation to the EU with all the loss of revenue that entails.
Update: The BBC are now reporting the same thing (HERE) so I assume it has some credence. It claims The City, after testing the waters, thinks tariff free access is never going to happen.
And InFacts (HERE) has picked this up and carefully explain why a Swiss style deal won't help, not least because it involves the free movement of people.
It increasingly seems likely we will be forced to accept WTO rules and banks in The City will have to move large parts of their operation to the EU with all the loss of revenue that entails.
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