London Daily

Focus on the big picture.
Tuesday, Feb 17, 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
Reform UK Appoints Former Conservative Minister Robert Jenrick as Finance Chief
UK Unemployment Rises to Highest in Nearly Five Years as Labour Market Weakens
Nigel Farage Names Reform UK Frontbench Team and Signals Zero Tolerance for Internal Dissent
Qualcomm to Withdraw UK Lawsuit Over Smartphone Chip Royalty Dispute
Major UK Banks Explore Domestic Card Network to Rival Visa and Mastercard
Cold Health Alert Issued Across UK as Temperatures Drop Sharply
Nine-Year-Old Becomes First Child in UK to Undergo Groundbreaking Leg-Lengthening Surgery
UK Workers Face Stagnant Incomes and a Softening Labour Market as Unemployment Climbs
UK Passport Rules Tightened for British Dual Nationals Under New Travel Guidance
California Deepens Global Climate Alliance with New UK Pact and Major Clean-Tech Investment Drive
UK Supreme Court Tightens Rules on Use of ‘Milk’ and ‘Cheese’ Labels for Plant-Based Products
University of Kentucky Postpones Feb. 19 Law Enforcement Training Exercise in Lexington
‘The only thing illegal is Keir Starmer handing these islands to a country like Mauritius!’
JD Vance says Germany is “killing itself” by taking in millions of fake asylum seekers from culturally incompatible nations.
UK Markets Signal Opportunity as Starmer Confronts Intensifying Political Pressure
Trump Criticises Newsom’s UK Climate Pact, Defends Federal Authority Over Foreign Engagements
UK’s Top Prosecutor Says ‘No One Is Above the Law’ as Police Review Claims Against Ex-Prince Andrew
Businessman Adam Brooks weighs in on the reports that the US is set to help Hamit Coskun flee the UK, over free speech concerns
U.S. Attorney General Pam Bondi Releases 3.5 Million Pages of Jeffrey Epstein Case Files
US Secretary of State Marco Rubio Comment on European allies report blaming Russia for killing late Kremlin critic Alexei Navalny using toxin from poison dart frogs
Eighty-Year-Old Lottery Winner Sentenced to 16.5 Years for Drug Trafficking
UK Quran Burner May Receive Asylum in the US Amid Legal Challenges
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
Poland's President Advocates for Evaluating Independent Nuclear Weapons Development
Prince William Meets Saudi Crown Prince as Epstein-Andrew Fallout Casts Shadow
Starmer Calls for Renewed ‘Hard Power’ Investment at European Security Summit
UK Police Establish National Taskforce to Handle Domestic Epstein-Linked Allegations
UK Court Rules Ban on Palestine Action Unlawful in Major Free Speech Test
UK Faces Prospect of Net Migration Turning Negative as Economic Impact Looms
Mayor of Serdobsk in Russia’s Penza Region Resigns After Housing Certificates Granted to Migrant Family Trigger Public Outcry
Pentagon Reviews Anthropic Partnership After Claude AI Reportedly Used in Operation Targeting Nicolás Maduro
President Donald Trump and Hip-Hop’s Political Realignment: Pardons, Public Endorsements, and the Struggle Over Cultural Influence
China’s EV Makers Face Mandatory Return to Physical Buttons and Door Handles in Driver-Distraction Safety Overhaul
Goldman Sachs and DP World Executive Resignations: Elite-Reputation Risk and Corporate Governance Fallout From the Epstein Disclosures
‘Amelia’: The UK Government’s Anti-Extremism Game Villain Who Became a Protest Symbol
Peter Mandelson Asked to Testify Before US Congress Over Jeffrey Epstein Links
Walmart's Earnings and UK Economic Data Highlight Upcoming Financial Trends
UK Green Party Considering Proposal to Legalize Heroin for an Inclusive Society
SpaceX's New Vision: Lunar City Takes Precedence Over Mars Colonization
OpenAI and DeepCent Superintelligence Race: Artificial General Intelligence and AI Agents as a National Security Arms Race
Document Suggests Prince Andrew Shared UK Briefing on Afghan Investment Opportunities with Jeffrey Epstein
We will protect them from the digital Wild West.’ Another country will ban social media for under-16s
McDonald's Shortens Breakfast Hours in Australia Due to Egg Shortage
Heineken announces cut of 6,000 jobs due to declining beer demand
Beijing Brands UK Hong Kong Visa Expansion ‘Despicable and Reprehensible’ After Jimmy Lai Sentencing
Tesco Chief Warns UK Is ‘Sleepwalking’ Toward a Joblessness Crisis
Trump’s ‘Act of Great Stupidity’ Comment on UK Chagos Deal Reverberates Through Diplomacy and Strategy
New U.S. filings say Jeffrey Epstein repaid Les Wexner one hundred million dollars after theft allegation
Commerce Secretary Howard Lutnick acknowledges 2012 visit to Jeffrey Epstein’s private island as lawmakers scrutinise past ties
×