Sinead Moore 16 Feb 2017 05:33pm

Brexit puts more than 300,000 UK passporting rights at risk

Nearly 360,000 financial “passports” are at risk once Article 50 is triggered and the UK begins negotiations to leave the EU, according to official leaked Brexit reports obtained by POLITICO

According to POLITICO, the EU Parliament’s Economic and Monetary Affairs Committee identified 16 pieces of pending legislation in banking, capital markets and taxation that could require redrafting depending on Brexit negotiation outcomes, and a further six legislative reviews that might add more issues into the mix between now and 2019.

Of the 359,953 permissions for cross-border trade at risk, 336,421 of these are for UK firms trading into the EU27 bloc, compared to just 23,532 passports held by companies from the EU27 or the European Economic Area for doing business in the UK.

Over 5,000 UK registered companies will be affected by the loss of these passports.

POLITICO’s Playbook team sifted through 21 leaked reports on Brexit prepared by the European Parliament’s policy committees between October 2016 and January 2017.

They said that the reports provide the most comprehensive data to date about what we can expect during the next two years of Brexit negotiations.

A report by the employment committee revealed that the negotiating teams will have to discuss a total of 20,833 EU laws and regulations during the two-year negotiating period.

With only around 500 working days to come to an agreement, negotiators will have to settle on 40 laws a day.

More than 1,400 of the 20,833 laws relate to general, financial and institutional matters. A further 1127 relate to the Customs Union and the free movement of goods.

Theresa May has already confirmed that the UK will seek new custom deals with the EU.

The prime minister also said the UK wants to continue to be “a magnet for international talent” but added that the number of people coming into Britain from the EU will be controlled “so that our immigration system serves the national interest”.

The EU Parliament’s employment committee has calculated that among the 3.3 million EU27 citizens living in the UK, the 120,000 job-seekers from EU27 countries, the 50,893 workers posted to the United Kingdom from another EU country and the 27,000 people who either cross a UK border to get to work or divide their working time between the UK and another EU country will be the first to be affected by Brexit because they would no longer benefit from EU protections.

Britons visiting EU countries will also be affected. According to the data, UK citizens take 42 million trips into the EU27 each year (twice as many as EU27 citizens take to the UK). Unless a special deal is decided, they will no longer be covered for hospital care.

The report added that 3,800 Britons on the EU payroll are also at risk.

The budget committee noted that some 1,800 EU staff are British nationals and a further 2,000 Brits receive EU pensions.

May has also repeatedly reminded us, “Brexit means Brexit”, stressing that the UK will not just partially leave the EU, and it appears the EU Parliament’s Constitutional Affairs Committee wholly agrees. A committee report said Brexit may mean “at least material changes” to the Lisbon Treaty, meaning 12 mentions of the UK could potentially be erased from the legal document.

POLITICO’s analysis also revealed that Brussels will continue to monitor UK recipients of EU funds until 2024.

And finally, one of the UK’s key reasons for leaving the EU – the effects of globalisation - has been called into question because according to the employment committee, up until 2016, the UK had never applied for money from the European Globalisation Adjustment Fund, one of the EU’s key measures to help fired workers cope with the challenges of the global economy.