On March 23, 2018, the European Council adopted the guidelines on the framework for the future relationship between the European Union and the United Kingdom. The guidelines confirm that the economic relationship will be shaped by a free trade agreement. The guidelines also imply the rejection of the British proposal to replicate the single market for financial services.
On February 28 last the European Commission published the Draft Agreement on the withdrawal of the United Kingdom from the European Union (“EU”). This draft, based on the Joint agreement submitted by the the negotiators of the EU and the United Kingdom on December 8, 2017, will set the tone for the future negotiations between the Union and the United Kingdom.