Officials and representatives from the financial sector will present their policy ideas to the cabinet committee for Brexit, chaired by Theresa May, the prime minister, when it meets next month, people involved in the preparations told the Financial Times. The City has decided that a deal emulating Norway’s relationship with the EU is politically and practically very difficult. Norway has access to the single market but no say in how rules are set, must accept free movement of people and make budget contributions. Instead, there is a preference for a unique trade deal, building on Switzerland’s arrangement. A task force of City grandees, chaired by Shriti Vadera , chairman of Santander UK and a former Labour minister for the City, is close to drawing this conclusion. The British Bankers’ Association, advised by Clifford Chance and Global Counsel, the advisory outfit founded by Lord Mandelson, the Labour peer, has submitted a separate blueprint. “There needs to be a bilateral deal providing as full two-way market access as possible,” said Anthony Browne, chief executive of the BBA, part of Ms Vadera’s task force. “Both sides have an interest in making this work, as it is not in the interests of the other EU countries to be cut off from their main financial centre, especially at a time they are all seeking to boost economic growth.” (FT)
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