United Kingdom to seek European Union mutual recognition deal for financial services: FT

GETTYBritain may now leave the EU on the first day of 2021

The rare joint statement came as top government officials and experts gathered at the Munich Security Conference in Germany for the annual review of threats facing Western democracies. "It is a very complex negotiation and needs a balanced approach on both sides".

'We must do whatever is most practical and pragmatic in ensuring our collective security.' Mrs May will set out the vast contribution Britain's policy, security and intelligence agencies now make to protecting lives across the continent.

Such a proposal is likely to be challenged by the European Commission which has said Britain cannot pick and choose which parts of the EU's single market it can retain.

"There is precedent for comprehensive, strategic relationships between the European Union and third countries in other fields, such as trade", she will say today.

Mr Barnier said last month that even an ambitious trade deal could not change the fact that the United Kingdom would need to rely on equivalence - the standard market access arrangements for non-EU countries.

This applies to third countries and only covers around a third of financial services, the Financial Times reports. The prime minister wants a treaty to enshrine what Downing Street describes as the real, tangible benefits of cooperation, and failure to sign up will play into the hands of our enemies who'd like nothing more than to see Europe divided.

One said: "They are going down the route of mutual recognition".

But she will warn the EU not to insist on a powerful role for European judges and other institutions that could restrict security co-operation.

"So let our message ring out loud and clear today: We will not let that happen".

Nevertheless, the Prime Minister will acknowledge that no non-EU country now has a security agreement that "captures the full depth and breadth of our existing relationship".

"We will find other ways of influencing, more informal ways, but they will be less direct, less pronounced and probably less successful than they are now", he said.

In a speech to the Munich Security Conference, she will acknowledge that no deal now exists between the European Union and a third country "that captures the full depth and breadth of our existing relationship".

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