He said unlike with the trade of goods, services are about ensuring common rules, common supervision and common enforcement and that is why free trade agreements do not have detailed rules for financial services. It will make it more complicated and costly than today, for all of us.
British Foreign Secretary Boris Johnson said on Thursday (March 8) that a so-called hard Brexit should not hold any "terrors" and Britain would do "very well" operating under World Trade Organisation rules after leaving the EU. Euroclear, a company that holds huge volumes of shares for stock buyers, told investors on Tuesday that it would shift its legal home from London to Brussels.
The lack of a specific reference was deliberate to avoid going into the details of a thorny issue and to avoid mentioning particular sectors - which could itself encourage cherry picking, the senior European Union official said. "There already is an impact".
Along the same vein Mr Hammond admitted that while the sector will see consequences and change after Brexit, London's success as a financial centre is unique and will be "impossible to replicate" elsewhere.
One Brexit campaigner welcomed the speech and praised May, who has been under pressure from two warring factions in her Conservative Party.
European Council president Donald Tusk said progress could be put in jeopardy if there was any "backsliding" by the United Kingdom on the deal agreed between London and Brussels in December. "No existing model is adequate". Brexit will not solve shared issues such as terrorism and security, for instance, so close cooperation in many areas will continue to be of mutual interest.
Philip Hammond is to insist that the City can be part of Britain's post-Brexit trade deal - and that this would be in the interests of Europe as well as the UK.
But, "the draft guidelines are expected to firmly rebuff Theresa May's proposal of "managed divergence" from European Union rules and regulations and effectively present Britain with a binary choice: a limited free trade deal a la Canada, or binding membership of European Union institutions a la Norway", said Jack Blanchard from the POLITICO magazine.
Fox's speech was immediately seized on by pro-EU politicians. Her ministers have been taken to task for trying "to have their cake and eat it" as they seek the best possible trade deal for Britain.
The UK would like a mutual recognition system so financial services will still have access to the European Union on the premise that regulatory standards are at the same as current worldwide rules. But it's light years away from the relationship that Britain now enjoys with its top export market.
Davis is tasked with negotiating the UK's exist from the bloc.
Paris and Frankfurt are not waiting to find out the results.
Britain got some bad news about Brexit on Wednesday.
It asked attendees to register using the user name "Brexit".
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