'Chairs opposite UK are empty' as EU elections cloud Brexit fund passporting negotiations

UK "sat on its own" at negotiating table

The UK asset management industry is currently "sat on its own at the negotiating table" in post-Brexit talks on the future distribution of UK-domiciled funds into the eurozone, according to regulatory experts, with political turmoil across Europe clouding the trading bloc's future stance on single market access.

They have raised concerns about uncertainty surrounding the deal as EU chief negotiator for Brexit, Michel Barnier, said the UK will only have until October 2018 to agree the terms of its departure. In a press conference in Brussels last week, Barnier said negotiations should be kept "short" and there would be no time for "cherry picking" on issues such as the single market. "All in all there will be less than 18 months to negotiate. That is short. Should the UK notify by the end of March, as Prime Minister Theresa May said she would, it is safe to say negotiations could start a few w...