Britain urges EU to work jointly on Brexit deal, won't undercut rivals
Published Feb 20, 2018 07:15AM ET
Britain urges EU to work jointly on Brexit deal, won't undercut rivals
By Francois Murphy
VIENNA (Reuters) - Brexit minister David Davis said on Tuesday Britain and the European Union could reach a deal to access each others' markets and promised his government would not use Brexit to cut regulation, despite past threats to do so.
In the latest of several speeches by ministers intended to lay out Britain's plans for Brexit, Davis told business leaders in Austria that fears the government will plunge Britain into a "Mad Max-style world borrowed from dystopian fiction" after leaving the EU are unfounded.
Instead, he proposed a system of "mutual recognition" where both sides agree common regulatory outcomes, such as consumer protection or financial stability, but are able to pursue their own policies to reach those goals.
"This will be a crucial part of ensuring our future economic partnership is as open, and trade remains as frictionless, as possible," Davis said.
"Britain's plan, its blueprint for life outside of Europe, is a race to the top in global standards, not a regression from the high standards we have now."
His comments are designed to allay European politicians' concerns that Britain could cut taxes and regulation to attract global businesses.
Since Britain voted to leave the EU in 2016, supporters of Brexit have argued that removing the costs imposed by EU rules would be one of the main benefits.
Davis's speech comes as the EU is formulating its approach to the next stage of the Brexit negotiations and ahead of a crucial cabinet meeting on Thursday to decide on Britain's negotiating strategy.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.