‘NO PLACE FOR THIS!’ BARNIER FIRES MAY BREXIT WARNING AS TRADE TALKS ALREADY HIT WALL

Michel Barnier has outlined his vision for Brexit Britain

THE EUROPEAN Union’s chief negotiator Michel Barnier has sent Theresa May a dire warning regarding London's position in a Brexit trade deal.

There could be no special deal for the city after Brexit according to Michel Barnier, claiming a special financial arrangement would have “no place” in any trade deal.

Mr Barnier said a bespoke trade deal tailored towards financial services “does not exist” anywhere in the world.

It flies in the face of Mrs May’s promises to deliver a trade deal “far better” than the one between Canada and the EU.

Theresa May faces a crunch Cabinet meeting today to discuss her Brexit 'end state' vision

Mr Barnier said today: “There is no place [for financial services]. There is not a single trade agreement that is open to financial services. It does not exist.

“In leaving the single market, they lose the financial services passport.”

He did say he believed a trade deal could be agreed during the two year Brexit transition period but warned it would have to be signed off by 35 national and regional parliaments, which would be time-consuming. Adding to this was the fact every parliament would have a veto over the entire deal.

And yesterday Mr Barnier’s closest advisor said the EU would need more than “trust” to agree a quick deal with the UK.

Stefaan De Rynck, who is part of Mr Barnier's negotiating team, said simple trust is "not enough" and more "glue" is needed in EU exit talks.

Mr De Rynck said at a speech at Chatham House in London yesterday: "What worries people on European Union side is idea the UK will leave single market and we’d have to trust somehow that outcome would be same on UK side in terms of standard setting.