Shadow chancellor slams taxpayer-funded passporting plan

Brexit referendum european union EU

Labour’s shadow chancellor John McDonnell has slammed suggestions the taxpayer could pay billions of pounds for the UK’s financial services to preserve access to the European Union single market.

“Britain has voted to leave the EU, it has not voted for paying huge fees for special favours for bankers,” McDonnell says.

The Labour MP says the financial services sector alone should not have privileged access to the European Union.

“We support access to EU markets for financial services, but it is crucial for the British economy that the government insist on full, tariff-free access to the Single Market for all our industries, to protect jobs and livelihoods in the UK.”

The Financial Times reported this week that the Government is considering paying “billions of pounds into the EU budget” to preserve the City’s existing relationship with the Single Market.