Banks consider paying for EU access
They will lose the ability to sell financial services across the EU from the UK after Brexit.
Several sources told the BBC that if the government decided to pay into the EU budget in return for barrier-free access, they would reluctantly consider making a contribution.
The so-called “pay to play option” has been ruled out by ministers.
It would be politically unpalatable to continue making payments to the EU and would add extra expense for business.
The finance sector has also downplayed the option. But industry sources said that while any extra cost would make the UK less competitive, losing frictionless market access to the world’s largest trading block – or having to fragment their operations throughout Europe – could be worse.
“We’d have to look at the detail, but it’s possible,” said one insider.
“We would look to support the UK government in negotiations and if part of that meant some sort of financial contribution we’d consider it,” said another.
More publications in category UK Business
- Oman announces new visa rules
- What Iranian Oil Sanctions Could Mean for U.S. Pump Prices/WSJ
- When iPhones and Androids Chat: How to Live With Green Bubbles/WSJ
- Swiss bank UBS goes on trial in France over alleged tax-dodging scheme
- See the Big Winners of the 36th Edition of the Bulgarian Film Festival “Golden Rose”