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Sir Vince Cable, the Lib Dem leader, has said that if British banks lose financial passporting, as Michel Barnier said they would (see 12.24pm), that would be a “major blow”. Cable said:

Over 5,000 UK businesses and billions of pounds of tax revenue depend on access to European markets through financial passporting.

Loss of this access risks blowing a hole in the budget at a time when our public services are already seriously underfunded.

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In Brussels, arriving for a meeting of EU minister, the German foreign minister Michael Roth said Britain had to “move” on its financial settlement if it wants the EU to agree to open talks on the future trade relationship. Roth said:

It is about the money. In the end, it’s about the rights of the citizens of the EU and it’s about the money. I have already made it clear that the British must make a move. They must stand by their contractual obligations. They can’t be released from them.

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