London Daily

Focus on the big picture.
Monday, Oct 06, 2025

'UK has to lose EU shackles!' Lord Moylan tells Boris to ignore blocs new trade barriers

'UK has to lose EU shackles!' Lord Moylan tells Boris to ignore blocs new trade barriers

BORIS JOHNSON has been urged to free Britain of its "EU shackles" after the bloc responded to Brexit by erecting "unnecessary barriers to trade".

The advice came from Lord Moylan, a Conservative member of the House of Lords. Following Brexit, Brussels refused to give UK based financial firms equivalence-based EU market access.

This was despite the UK and EU starting with near-identical financial regulations, as Britain carried over laws from its time within the bloc.

Lord Moylan shared a Daily Telegraph comment piece by Barnabas Reynolds, global head of the Financial Services Industry Group, who urged Britain to abandon hopes of EU equivalence and build its own regulations.

The peer commented: “A very wise piece.

“We need to stop fretting about the fact that the EU is erecting unnecessary barriers to trade and use it as an opportunity to reframe our regulations to suit us.

Brussels refused to give the UK based financial firms equivalence based access


“Equivalence is dead – the UK has to lose EU shackles.”

Britain voted to leave the EU in June 2016 but, following a number of delays, didn’t finally depart until January 2020.

Under the end of December, the UK remained closely tied to the EU during the Brexit transition period.

This saw Britain remain a member of the European single market and continue to pay into the EU budget.

It also continued to implement laws made in Brussels in many areas.

The Brexit transition period was replaced on December 31 by a new trade deal negotiated by Boris Johnson.

This restored Britain’s status as a sovereign trading nation and allowed it to independently join the World Trade Organisation (WTO).

However, the EU is still refusing grand equivalence-based access to the EU financial market.

Britain voted to leave the EU in June 2016

In January 2021 Amsterdam replaced London as Europe's leading share trading centre


In his Daily Telegraph article, Mr Reynolds argued this is unlikely to happen, and instead Britain should pursue its own financial regulations.

He wrote: “Up until now the primary concern of UK lawmakers has been about equivalence.

“The fear was that if UK regulations do not track those in the EU, there would be the risk of a lack of “equivalence” determinations.

“But now, this worry has become irrelevant, since the EU is clearly unwilling to grant equivalency to the UK in any areas, despite our literally identical inherited laws.

The Daily Express campaigned strongly for Brexit


“The UK, therefore, needs to reassess its regulatory framework, based upon what is best for the country, the City and the local and international markets that it serves.

“The UK is in a position to shake free of the EU and its instincts of control and codified law-making.”

In January 2021, after the new trade deal took effect, Amsterdam replaced London as Europe’s leading share trading centre.

However, Mr Reynolds argued new regulations could encourage EU based firms to setup UK operations.

Britain formally left the EU in January 2020


He advised: “The UK can make it easy for EU customers to establish small presences in the UK in order to benefit from global financial services and products under UK law and regulation, and outside the EU’s jurisdiction.

“A report in January indicated that over 1,000 EU firms are already doing this.

“Many more could be encouraged to do so.”

Newsletter

Related Articles

0:00
0:00
Close
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
×