Blow to Britain as EU Brexit chief rules out special deal for City traders

There will be no special arrangement to allow City firms to trade freely in the EU if Britain leaves the single market, the European Commission’s chief Brexit negotiator has said, in a blow to Theresa May’s hopes of securing a bespoke deal with Brussels.

There will be no special arrangement to allow City firms to trade freely in the EU if Britain leaves the single market, the European Commission’s chief Brexit negotiator has said, in a blow to Theresa May’s hopes of securing a bespoke deal with Brussels.

Michel Barnier’s warning came on the eve of the first full Cabinet discussion of the "end state" which the UK is aiming for in upcoming negotiations on Britain’s future relationship with the EU.