"The developing row between London and Brussels over UK access to the EU’s financial markets is beginning to turn ugly.

The EU Commission appears to be stealthily working behind the scenes to not only promote Paris and Frankfurt as alternatives to London but to actively limit UK access.

The work towards an agreement is something of a phoney war. On the surface, the UK is unwilling to agree that it will mirror EU regulation for financial services, since it cannot agree in advance to any change in regulation that it may deem to be detrimental to its interests.

However, the real battle is for supremacy in the incredibly lucrative financial market, where London has always held the upper hand.

Brussels sees Brexit as the perfect opportunity to supplant London. It is similar to Brussels jealousy over the dollar’s position in the global economy, although the UK Prime Minister Boris Johnson says that all he wants is a level playing field and is willing to continue discussions until a workable compromise is found.

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