EU’s McGuinness Warns City of London ‘Change is Coming’

The transcript discusses the timeline and implications of Brexit on financial services, emphasizing the need for a memorandum of understanding by March. It highlights the EU's preparedness for Brexit, the potential for deregulation in the UK, and the importance of maintaining a level playing field. The EU aims to strengthen its financial regulations while acknowledging the UK's significant financial center status. The discussion underscores the challenges of creating a new relationship with the UK outside the single market.

What was the initial timeline goal for the EU and UK post-Brexit?

• To finalize all agreements by January

• To establish a new financial market by June

• To complete deregulation by the end of the year

• To reach a memorandum of understanding by the end of March

What is a significant challenge in reaching a deal between the EU and the UK?

• The differing directions of the EU and UK

• The lack of a financial center in London

• The UK's move towards a level playing field

• The EU's desire for more deregulation

What is the EU's stance on financial regulation post-Brexit?

• They aim to strengthen regulation

• They will follow the UK's lead on regulation

• They want to return to light-touch regulation

• They plan to deregulate financial services

How does the EU view London's role as a financial center post-Brexit?

• It will be replaced by another city in the EU

• It will become the sole financial hub in Europe

• It will lose all significance

• It will remain a major center but was significant due to EU membership

What is the EU's position on recreating the single market for the UK?

• They will recreate it if the UK requests

• They are open to recreating it

• They plan to recreate it in the next decade

• They have no intention of recreating it