Sure, but there isn’t really a single market for many services even within the EU anyway. If you’re French, you can’t buy car insurance from Italy or have a German bank account. And those are the upper reaches of the services economy. It goes without saying that you can’t have a cross-border haircut or swimming lesson. The vast majority of services are extremely local by nature.
As for the City, there’s still plenty of Chinese and Arab money to launder so I’m sure they’ll be fine.
Btw, I say all this as a staunch remainer. Brexit was dumb, but it’s free movement and trade in goods where most of the effects are felt.
If you’re French, you can’t buy car insurance from Italy or have a German bank account.
They literally can and do. It’s just so seamless within the EU that people who aren’t interested may not even realise they’re dealing with a company from another EU country. Being able to sell services cross-border without extra requirements (on top of those applying EU-wide) is the whole point of the single market in services.
While technically true, the number of formal and informal barriers to a single market for retail financial services in the EU is vast. Passporting is mostly just useful for corporate/wholesale business.
Sure, but there isn’t really a single market for many services even within the EU anyway. If you’re French, you can’t buy car insurance from Italy or have a German bank account. And those are the upper reaches of the services economy. It goes without saying that you can’t have a cross-border haircut or swimming lesson. The vast majority of services are extremely local by nature.
As for the City, there’s still plenty of Chinese and Arab money to launder so I’m sure they’ll be fine.
Btw, I say all this as a staunch remainer. Brexit was dumb, but it’s free movement and trade in goods where most of the effects are felt.
They literally can and do. It’s just so seamless within the EU that people who aren’t interested may not even realise they’re dealing with a company from another EU country. Being able to sell services cross-border without extra requirements (on top of those applying EU-wide) is the whole point of the single market in services.
While technically true, the number of formal and informal barriers to a single market for retail financial services in the EU is vast. Passporting is mostly just useful for corporate/wholesale business.