Good news for the Brexiteers I guess. They always said that no deal is better than a bad deal, looks like “no deal” is the only deal that the EU is likely to put on the table.
The Brexiteers wanted no deal all along, tbh. So they can crash out of the EU and turn the UK into the tax haven they’ve always wanted.
The problem with the tax haven theory is of course that the money will need to be able to land there.
Worldwide we clamp down on tax havens. So far the UK had the advantage to be an EU member state one one hand, so couldn’t be excluded from free money flow, but had non EU territories on the other hand.
This will now change. Money transferred over €10k will be subject to scrutiny. And EU Regulation 2015/847 will start to bite. I have serious doubts the Tory Gov has a plan to get around this. If they do, they certainly haven’t informed the investment banks now fleeing the country to secure their customers money.