United Kingdom to publish PM May's Brexit plan that eurosceptic ministers protested against

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Some have been talking about enhancing the existing equivalence regime to provide a basis for future EU-UK financial services market access.

Last Friday, prime minister Theresa May set out to the cabinet her Brexit plan for Britain: a principled, practical approach that can deliver a good deal for the UK.

Ireland's deputy PM Simon Coveney said the European Union would now take "seriously" the UK's proposals.

The UK will sign up to European Union rules and regulations for goods (the common rulebook), including agriculture, in order to ensure frictionless trade of goods and that there is no hard border in Ireland (Other OTC: IRLD - news).

Newsletter Sign-up The proposals published Thursday detail a complex and untested customs arrangement in which the United Kingdom would collect one set of tariffs for goods entering Britain for sale in its own market and another set for products in transit to the EU.

"The standards would be the same".

The document revealed this week reads that the government has given up on the idea of a bilateral deal based on "mutual recognition" and will instead pursue plans for British banks, insurance brokers an asset managers to access the single market through rules of "equivalence".

But the plan has caused outrage among eurosceptic members of May's Conservative party, and Raab's predecessor David Davis and foreign minister Boris Johnson dramatically quit this week in protest.

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"What we've heard so far from other leaders and from Brussels is actually a positive response that this is a proposal that we can sit down and start increasing the pace of the negotiations", May said.

France's finance minister, Bruno Le Maire, said he was "confident that we will have more relocation announcements in the coming months" in comments that follow months of near-silence on London's financial services sector that ended with the announcement of the Prime Minister's white paper.

"I think most people in Britain will think this is that this is a fair, pragmatic and reasonable approach".

"That is really where the preparations are centred on, ports and airports that deal with trade from the United Kingdom". This is a unique opportunity to shape our economy's future as we forge a new relationship with the EU. "That's the key trade-off that we have got to deal with", he told the Today programme.

The plan says it would avoid checks on the border between Northern Ireland and Ireland and protect manufacturing supply lines, while also fulfilling domestic promises to end the jurisdiction of the European Court of Justice (ECJ), control migration and allow Britain to establish its own trade policy. If we don't want to do that, clearly we have got more scope to do trade deals internationally.

"If we want to have a lot of access to Europe, it is more hard to do trade deals around the world".

"So that I think will be the real challenge for the negotiating teams over the summer", he added.

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