London Daily

Focus on the big picture.
Sunday, Mar 15, 2026

Boris Johnson admits Brexit deal falls short for financial services

Boris Johnson admits Brexit deal falls short for financial services

Boris Johnson has conceded that the Brexit trade deal “perhaps does not go as far as we would like” over access to EU markets for financial services, while insisting he had achieved an accord his critics said would be impossible.

In an interview with the Sunday Telegraph, the prime minister said he had defied accusations of “cake-ism” – seeking the impossible – in getting a trade deal that allowed divergence from EU standards.

It had been, Johnson said, billed as out of the question “that you could do free trade with the EU without being drawn into their regulatory or legislative orbit”.

While service industries, the bulk of UK exports to the EU, could face potential regulatory or other non-tariff barriers, Johnson said there had been “access for solicitors, barristers” and a “good deal for digital”.

But on financial services, he said the deal “perhaps does not go as far as we would like”.

There are measures in the agreement for the possible imposition of tariffs if the UK diverges notably from existing standards. Johnson said this should not be viewed by Brexit-minded Conservative MPs as too restrictive.

“All that’s really saying is the UK won’t immediately send children up chimneys or pour raw sewage all over its beaches,” he said. “We’re not going to regress, and you’d expect that.”

Saying it was “unlikely” the UK would impose its own tariffs, Johnson added that any imposed by the EU “would have to be proportionate and approved by the arbitrator”, and if that happened regularly, the UK would revert to World Trade Organization trading terms.

However, Johnson told the paper, the UK could and would set its own path in some areas, mentioning as one idea the notion of so-called free ports, low-tax trade zones which advocates say boost economic growth, but which have been accused of helping tax evasion. Free ports exist within the EU, although with some restrictions.

The prime minister said more plans would emerge now the trade deal was finalised: “A great government effort has gone into compiling these and we haven’t necessarily wanted to talk about them much during this period because that perhaps would not have been fruitful.”

He added: “We want to see what we can take forward. We don’t want to diverge for the sake of diverging. But we’re going to want to do things differently where that’s useful for the British people.”

MPs and peers will gather on 30 December to scrutinise and vote on the deal, before the 1 January expiry of the current Brexit transition period.

While the fact Labour has said it will vote for the deal guarantees it will pass easily, Johnson could still face anger from the strongly pro-Brexit wing of his party, who are currently examining the details of the agreement.

In the interview, Johnson sought to portray the deal as the ultimate conclusion of Margaret Thatcher’s 1988 speech in Bruges, in which she railed against the idea of a “European superstate”, calling Thatcher’s address “prophetic”.

“It’s the end of a long and fractious period, in which we kept trying to pretend to ourselves that we could go along with all sorts of things we didn’t really want to do for the sake of keeping up with the great project of European Union,” he said of the trade deal.

“I think this gives us a basis for a new friendship and partnership that should attract people who love Europe and want to have a great relationship with it, who want to feel close to it.

“But it should also be something that is welcome to people who see the advantages of economic and political independence. I think the country as a whole has got itself into a new and more stable footing. It’s a better relationship and a healthier relationship.”

Newsletter

Related Articles

0:00
0:00
Close
Prince Harry and Meghan Markle’s Planned Australia Visit Draws Mixed Reaction From Local Communities
Trump Calls on France and UK to Help Safeguard Strait of Hormuz Shipping Route
Boris Johnson Labels Bitcoin a ‘Ponzi Scheme’, Sparking Debate in Crypto World
UK Considers Targeted Aid for Vulnerable Households as Energy Costs Rise
Stellantis Urges Immediate Review of UK Electric Vehicle Sales Targets
Home Office Reverses Course to Allow Some Dual Nationals to Enter UK Using EU Passports
Reform UK Proposes Replacing Top Civil Servants With Officials Aligned to Government Agenda
Netflix Adds Critically Acclaimed ‘Best Film of 2025’ With Perfect Rotten Tomatoes Score
‘The Sums Don’t Add Up’: UK Farmers Hit by Soaring Costs as Iran War Disrupts Global Supplies
Confidential UK Biobank Health Records Found Online After Researchers Accidentally Expose Data
Trump Urges Britain and Allies to Deploy Warships to Safeguard Strait of Hormuz
Trump Urges Britain and Allies to Deploy Warships to Safeguard Strait of Hormuz
Middle East War Highlights Strategic Importance of Strong UK–Ireland Cooperation
Weak Growth Signals UK Economy Was Faltering Even Before Middle East Energy Shock
Marks & Spencer Tops UK Fashion Retail Rankings as Most Considered Brand
United States Launches Trade Investigation Into Allies Over Forced Labour Practices
United States Launches Trade Investigation Into Allies Over Forced Labour Practices
Russia Accuses Britain Over Storm Shadow Strike as London Reaffirms Ukraine’s Right to Self-Defence
Russia Accuses Britain Over Storm Shadow Strike as London Reaffirms Ukraine’s Right to Self-Defence
Royal Navy to Acquire Twenty Uncrewed Surface Vessels for Autonomous Warfare Testing
Russia Summons British and French Envoys After Ukrainian Storm Shadow Strike on Strategic Facility
Starmer Confirms Britain Will Maintain Sanctions on Russia Despite U.S. Policy Shift
UK Moves to Refine AI Definition in Investment Security Reform
UK Economy Stalls in January as Growth Unexpectedly Falls to Zero
Asian Energy Security Tested as Strait of Hormuz Disruption Threatens Oil Supplies
Iran Sets Three Conditions for Ending Regional War as Diplomatic Efforts Intensify
Tesla Secures Approval to Supply Electricity Directly to Homes Across Britain
Prince William Delivers Tribute to Australia’s Naval Alliance Amid Renewed Royal Spotlight on the Country
UK Foreign Secretary Travels to Saudi Arabia to Reinforce Support for Regional Allies
Putin’s ‘Hidden Hand’ May Be Assisting Iran in Conflict With Trump, UK Defence Secretary Warns
UK Sets April Deadline for Tech Platforms to Strengthen Online Protections for Children
Elon Musk Moves Into Britain’s Energy Market as Tesla Wins Licence to Supply Power
UK Watchdog Warns Fuel Retailers Against Profiteering Amid Iran War Price Surge
Report Claims Iran Used UK Charity Network to Expand Influence
United States and United Kingdom Establish Joint Standards for Counter-Drone Technology
Iran May Be Laying Naval Mines in Strait of Hormuz, UK Warns Amid Escalating Gulf Tensions
US Deploys Bunker-Buster Bombs to UK Airbase as Iran Conflict Intensifies
British Troops in Iraq Intercept Iranian Drones Targeting Coalition Base
Release of Mandelson Files Raises Tensions as UK Seeks Stable Relations With Donald Trump
UK Documents Reveal Starmer Was Warned About Mandelson’s Epstein Links Before Ambassador Appointment
Nearly Five Hundred UK Mortgage Deals Withdrawn in Two Days as Market Volatility Forces Lenders to Reprice
Three Cargo Ships Hit Near Iran as Attacks Spread to Strategic Strait of Hormuz
Why British Police Repeatedly Declined to Investigate Jeffrey Epstein’s UK Links
UK Parliament Ends Hereditary Seats in House of Lords, Closing Chapter on Centuries of Aristocratic Lawmaking
EU and UK Urge Israel to Act Against Rising West Bank Settler Violence Amid Regional Tensions
US Senator John Kennedy Says Keir Starmer Should Not Be Trusted for Military Advice Amid Iran War Debate
UK High Court Rejects Attempt to Revive Terrorism Charge Against Kneecap Rapper
Revolut Secures Full UK Banking Licence After Multi-Year Regulatory Wait
Kentucky’s Bench Boost Powers Wildcats Past LSU in SEC Tournament Opener
British Couple Die After Being Pulled From Water at Australian Beach During Family Visit
×