“There is no place [for financial services]. In leaving the single market, they lose the financial services passport.”Quick guide What trade models could the UK follow? The stark declaration quashes the hopes of the Brexit secretary, David Davis, for a unique trade deal that would include financial services. The negotiator also said:A trade deal could be agreed within a two-year transition period, but would have to be ratified by more than 35 national and regional parliaments. After a meeting with her Brexit “war cabinet” on Monday, government sources said they wanted a “bespoke and ambitious” trade deal.

Source: The Guardian December 18, 2017 21:00 UTC