London Daily

Focus on the big picture.
Saturday, Sep 13, 2025

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
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
×