Remain campaigner Peter Mandelson‘s firm is advising banks on how to deal with Brexit
Labour peer’s company assisted the British Bankers’ Association despite Mandy pledging support for Britain to in EU
A FIRM chaired by leading Remainer Lord Mandelson is advising the banks’ leading trade movement over Brexit negotiations.
The Labour peer’s Global Counsel assisted the British Bankers’ Association as they drew up their post-EU blueprint.
It comes after the ex-Cabinet Minister, who founded the firm, played a leading role in the campaign for Britain to stay within the EU ahead of the June 23 vote.
But Tory MP Andrew Bridgen last night said he is “trying to run with the hare and the hounds”.
He said: “Whether he wins or he loses you can bet Mandelson will make money out of it.”
It’s understood the City is looking for a bespoke deal - branded “Swiss plus” - for different sectors over trade with Europe.
Switzerland’s financial sector can sell services in the single market but must maintain like-for-like standards to members of the EU.
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BBA Chief Exec Anthony Browne said that “retaining full-market access to the single market is different from retaining full membership of the single market”.
He also said: “There needs to be a bilateral deal providing as full two-way market access as possible.
“Both sides have an interest in making this work, as it is not in the interests of the other EU countries to be cut off from their main financial centre, especially at a time they are all seeking to boost economic growth.”
The financial sector are expected to present their ideas to the Brexit cabinet committee chaired by Theresa May next month.
Teams of civil servants and experts from the private sector have been working over the summer on Britain’s exit from the EU.
A City task force led by Santander UK chair Shriti Vadera are close to adopting plans.