Published On: Sat, Aug 19th, 2017

German banks warn of DANGEROUS Brexit deals with UK

As the UK starts to form its negotiation position, Germany has sounded the alarm over Britain’s desired deals.

The German finance industry wants equal rights for all and no preferential treatment of individual sectors.

Or has warned Frankfurt could be deprived of several opportunities – including the chance to become the EU’s main financial centre.

Michael Kemmer, chief executive of the Bankers Association, in Frankfurt, said: “There can, under no circumstances, be swap negotiations in the way that, for example, the Germans get free access to the UK for their car industry and the UK banks get free access to the German financial market in turn.

“London will surely lose significance.

“We are talking about a significant number of jobs that could move from London to Frankfurt.”

For Frankfurt to be one of the winners from Brexit, German politicians have now been urged to act.

Mr Kemmer said the government to abolish the tax deduction prohibition for bank levy.

“It is a scandal that this is not deductible in Germany, while it is the case in most other countries.”

And Germany should now adapt its law to take advantage of Brexit, according to German critics.

Mr Kemmer said politicians should support Frankfurt as the future financial position number one in the EU.

He said: “A clear commitment is necessary.”

The government has also been urged to actively work to attract the European Banking Authority (EBA) from London to Frankfurt.

And there should be more offensive location marketing.

Mr Kemmer warned: “So far Paris is far more offensive.”

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