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Tuesday, April 27, 2021, 16:20
France warns UK of ‘retaliation’ in post-Brexit banking rules
By Bloomberg
Tuesday, April 27, 2021, 16:20 By Bloomberg

French fishermen gather as part of a protest action against the delay in granting licenses to access British waters at the port of Boulogne-sur-Mer on April 22, 2021. (PHOTO / AFP)

France is threatening to block regulations that would allow the UK to continue operating under financial regulations in Europe if the country doesn’t respect its Brexit commitments on fishing.

“The UK must deliver licenses, authorization to access their waters for fishing, that’s the deal,” French Junior Minister for European Affairs Clement Beaune told BFM Business TV Tuesday.

If the UK doesn’t provide access to its waters to the fishing industry as per the Brexit deal, Beaune said “retaliation measures” will be adopted in other sectors, including “financial services.”

As long as commitments aren’t met on fishing, “we will give none,” said Beaune. “It is quid pro quo.”

The UK must deliver licenses, authorization to access their waters for fishing, that’s the deal.

Clement Beaune, French Junior Minister for European Affairs

ALSO READ: Brexit trade deal published as UK calls for end to 'ugly' divisions

The financial sector was left out of the Brexit deal signed last year, meaning that financial firms aren’t able to work in the European Union like they do in the UK In March, both sides agreed on a Memorandum of Understanding on a deal for financial services, but they haven’t been able to obtain the so-called “equivalence” for full market access.

READ MORE: UK clinches historic post-Brexit trade pact with EU

France has been calling for the European Union to accelerate the implementation of the Brexit deal, after French fishermen protested last week at the Boulogne-sur-Mer harbor to secure access to UK waters. They blocked seafood-carrying trucks coming from Britain, saying they’ve seen delays in the attribution of licenses to fish in UK waters. British authorities have denied that’s happened, and called the blockades unjustified.

On Monday, the French government pledged 100 million euros (US$121 million) to support fishermen in northern France hurt by Brexit, an aid package approved by the European Commission, and said that 21 new licenses for French fishermen to access UK waters would be delivered.


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