The EU’s chief Brexit negotiator, Michel Barnier, has ruled out in categorical language any deal to declare UK finance rules to be “permanently” equivalent to its own, dashing City hopes of continuing stable, reliable access to EU markets after Brexit.

Speaking before the European Parliament in Strasbourg on 11 February, Barnier made clear to MEPs: “We are not negotiating on these topics with the UK.” He added: “Certain people in the UK should not kid themselves about this.”