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UK less ‘hospitable’ for foreign talent after Brexit, says banking chief – Politics live

Rolling coverage of the day’s political developments as they happen, as Theresa May tries to reach agreement on the UK-EU Brexit deal

Theresa May wanted to wrap phase one of the Brexit talks on Monday. It is Thursday, and we are still waiting for a deal. Last night Leo Varadkar, the Irish prime minister, said he was expecting a new text by the end of today. Michel Barnier, the EU’s chief Brexit negotiator, said it has to be finalised tomorrow if EU leaders are going to agree to open trade talks next week. Perhaps we will get a settlement within the next few hours, although it is starting to look as elusive as the government’s Brexit impact reports.

Here is our overnight story with all the latest.

Related: Brexit: UK has 48 hours to agree potential deal or talks cannot progress

We don’t have to have, we have never said we will have and we don’t want a situation where in future our laws are identical to those of the EU. There will be areas where we do things in a very similar way, there are will be areas where we don’t do things in a similar way.

That’s all the prime minister was seeking to achieve, to make sure we can ensure that trade flows as freely as possible across the border of Northern Ireland and southern Ireland.

I remain absolutely optimistic that we will reach a successful point, we will move on to the trade talks, because ultimately it is in everybody’s interests for that to happen … If you are running a business in the Republic of Ireland and shipping foods to the EU, the relationship with the UK is pretty fundamentally important, because your goods need to go through the UK.

Some of the best talent that we can have in the UK marketplace is coming from students that have chosen to study here and then stayed for some extended period afterwards. We’ve noticed that impact already, more through a sense from non-UKs or foreigners that this might not be such a hospitable place any longer. It’s more psychological than contractual, as it were. But I think it’s something we must really be very careful about.

London will take hits in the context of Brexit. Some jobs will move from London to the continent. I think big parts of the euro-denominated corporate banking business will be forced into Europe.

It’s possible that through the Brexit negotiations that there is some sort of extended passporting rule, but none of us are expecting that quite frankly, or preparing for that. We have to prepare for the worst. Our regulators in the UK require us to prepare for the worst.

They are quite interesting but they are pretty underwhelming. They don’t really include an impact assessment, as far as I can tell.

I would have thought there would have been a proper impact assessment, a proper assessment of what the impact of leaving the EU is going to be on different sectors of the economy.

We shouldn’t be allowing ourselves to be bullied into promising more and more money or giving up the goal of regulatory autonomy or being dragged into a long period of uncertainty without clarity on what we are getting at the end of it.

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