EU’s dangerous game of chicken could backfire on its own citizens

Credit: TOBY MELVILLE/ REUTERS

We’ve all seen the “no-deal” Brexit cartoons. A good, old British Mini, emblazoned with Union Jacks,

loaded up with gung-ho politicians, drives cheerfully and determinedly off a cliff. But the abiding feeling I have after reading the Financial Conduct Authority’s Brexit paper published last week, is that there is an element missing. Attached behind the Mini, there ought to be a trailer loaded up with EU treasures: personal data, regulators, enforcement against market abuse, and so on. Strangely, this part is always missing.

The FCA paper assesses what will happen under various scenarios – no deal, no deal with a transition and the Government’s deal. As it states, if we leave in March without...

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