The EU could also retaliate against financial services if the UK does not respect Brexit agreements on fishing rights. The French Minister of State for European Affairs, Clement Boone, warned the British about this on Sunday.
In conversation with The Sunday Newspaper Boone notes that French hunters are still waiting for 40 licenses. It is assumed that these licenses will be issued soon. A close associate of President Emmanuel Macron threatened, saying, “Otherwise, we will not hesitate to return to other areas, such as access to financial services, in which the British have an interest.”
A dispute escalated between London and Paris over fishing licenses late this week over the island of Jersey, a British Crown property but not part of the United Kingdom. Dozens of French fishermen have temporarily closed Port Saint Helier. France also threatened to cut off electricity to the island.
Pune is confident Jersey will withdraw the additional licensing terms, but otherwise, it falls under little illusions. “We should not be fooling ourselves. The British will constantly test our responsiveness and determination.”
In the free trade agreement between the European Union and the United Kingdom, the two parties agreed that during a 5.5-year transition period, European fishermen could still capture 75 percent of the quota they were previously entitled to. After this period, the quotas will be negotiated annually. Financial services were not part of the negotiations. At the moment, there is only an impetus for voluntary cooperation in financial regulation.