Is no deal for City of London good news for Scotland?



I’ve argued before that our pro-Brexit farmers and fishermen might find their interests sacrificed in a EU deal to save the City of London financial sector, Nissan’s car sales and the soft Irish border. Though Tory politicians have said that the fishermen’s interests would be protected, few believe them. See:

Not good news for Scotland. As expected, Scottish fishing fleet to be sold out in Brexit deal

We also know that English Tory leave voters would sacrifice anything relating to Scotland or Ireland in return for their precious ‘independence’ from the EU.

Nearly all English Tory leave voters more than happy to dump Scotland and sacrifice peace in Ireland in return for Brexit

Writing in the Independent today, Richard Power Sayeed has made things clear:

‘Last year I interviewed several retired trade officials about their experiences, and they all described the process of negotiation in similar terms. You treat some products and sectors as bargaining chips, using them to protect the interests of other products and sectors. Brexit means choices. During those conversations I was really struck by how unanimous they were, regardless of their political persuasion, on the question of whose interests the UK negotiators would prioritise and whose they would largely abandon. British farmers and perhaps fishing communities, both frequently impoverished and both broadly pro-Brexit, will likely be sacrificed, because other EU members have nurtured those industries but Britain hasn’t. On the UK’s protected list will be sciences, engineering and pharmaceuticals, especially research and development, as will be the last vestiges of our car industry. Rather more controversially, the Government will also be desperate to look after the City. Our trade negotiators will ask the EU 27 to grant the UK “equivalence” – recognition that our financial services regulations conform to theirs – so that bankers, insurers and wealth managers in the UK can operate as if they were in the single market.’

So, that’s clear, we come bottom of the list of priorities. If we don’t like it, we can always leave the UK. That might be good news for the independence movement but I’m not sure it would really impact on No voters that much.

Anyway, it also became apparent today, missed by Sayeed, that a deal for the City of London will not happen. Reported in the Guardian today, The EU’s chief Brexit negotiator, Michel Barnier, said:

‘There is not a single trade agreement that is open to financial services.’

According to the Guardian report:

‘Britain cannot have a special deal for the City of London, the European Union’s chief Brexit negotiator has told the Guardian, dealing a blow to Theresa May’s hopes of securing a bespoke trade agreement with the bloc. Michel Barnier said it was unavoidable that British banks and financial firms would lose the passports that allow them to trade freely in the EU, as a result of any decision to quit the single market.’

I’d say this crushing news pushes Theresa closer to paying for a soft Brexit to save the City of London or, even, a second referendum. The latter is becoming more and more likely with public opinion demonstrably in favour of it.

Of course, a second referendum for EU membership makes a second Scottish Independence referendum impossible to deny.


11 thoughts on “Is no deal for City of London good news for Scotland?

  1. macgilleleabhar December 19, 2017 / 1:14 pm

    The Japanese car manufacturers will not require manufacturing plants in England shortly due to the EU trade deal finalised after 4 years negotiations on the 8th of this month. China stopped manufacturing at Longbridge some time ago importing complete MG s from China instead of the previous ” Knockdowns”.
    Not looking very promising for the brexitiers today .

    Liked by 2 people

      • macgilleleabhar December 19, 2017 / 1:48 pm

        Yes. I wonder why the MSM censors didn’t let that major story through. It’s reported on Google quite extensively.

        Liked by 2 people

    • Nigel Mace December 19, 2017 / 2:18 pm

      The EU Japan deal is a simply stunning indication of what insanity ‘Brexit’ is – any shape, any colour, any flavour. Together they make up over 30% of the entire world’s GDP – and bankrupt Britain is proudly walking away from this. This is the stuff of horror stories. Each ineluctible indication of how dire ‘Brexit’ is going to be – right across these islands – is good news for the YES movement, because it is terrible news for Maybot’s ‘U’ K. There is, as Mike Russell correctly keeps on saying, no ‘good’ or even passable form of ‘Brexit’. The EU are basically saying – “Here’s your Brexit. You ordered it. Eat it up.” – and, of course, they are right.

      Liked by 3 people

      • macgilleleabhar December 19, 2017 / 3:29 pm

        Now that Japan shows signs of wanting to lead the “Regional Comprehensive Economic Partnership” ( RCEP) intended to replace the “Trans Pacific Partnership” (TPP) that was dumped by Trump the major economies of East Asia are looking west towards Europe rather than east to the USA.
        Incidentally RCEP includes Australia as well as the Asean countries making it a serious free trade proposal. Little wonder Japan got an EU trade deal.

        Liked by 3 people

  2. Clydebuilt December 19, 2017 / 7:09 pm

    BREXIT is indeed about regaining control . . . . Yeah The Tories regaining control of their serfs.

    Yesterday’s National Gove and pals wanting to ditch the EU directive that limits the maximum hours workers can be forced to do.

    It’s back to the 70’s and “Rip of Britain”. Where Brits had to work much longer to pay for a car than their European neighbours.

    since we joined the EU we’ve slowly caught up with EU quality of life, the reversal of these gains has already started!

    Could easily be soo bad that it’ll bring on Independence. . . . But we need to maintain a majority for independence at Holyrood

    Liked by 3 people

  3. Ludo Thierry December 19, 2017 / 8:27 pm

    Hi all – I criticise IPSO when it is acting in a clearly biased way – so I must, in fairness, give a cheer when it seems to be acting more justly. So – deep breath – well done to IPSO for appointing Richard Walker (former editor of the Sunday Herald and the National to its Investigations Panel (from holdthe frontpage today):

    Three former daily editors have been appointed to a panel which will conduct standards investigations into the press watchdog’s member titles.

    Paul Connolly, who was group managing editor of the Belfast Telegraph, Richard Walker, who edited the Sunday Herald and The National, and ex-Derby Telegraph editor Neil White, pictured, have been unveiled as the three industry members on the Independent Press Standards Organisation’s standards investigation panel.

    They will oversee investigations launched at the request of IPSO’s board to investigate where the regulator has serious concerns about the behaviour or actions of any of its members.

    Such investigations could be launched if a member has committed serious and systemic breaches of the Editors’ Code, if they fail to comply with the requirements of the IPSO board or if an annual statement identifies significant issues of concern in relation to breaches of Code.

    The three industry panellists will be joined by six other independent panellists, who have also now been appointed.

    Small stuff I realise – but nevertheless important.

    Liked by 3 people

  4. mike cassidy December 19, 2017 / 10:07 pm

    Be careful now , John.

    You are edging towards the contentious areas of the debate with some recent postings.

    Among other things, this allows completely irrelevant comments like the one above about the infamous IPSO nonfacto.

    (I know, a terrible latin joke)

    Best to guard the blood pressure and keep posting the good news about Scotland.

    Liked by 2 people

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