Malcolm Barr, who works for JP Morgan, one of the world’s largest banking institutions, pronounced of the Brexit negotiations: “I’m not assured that (the UK is) really very good prepared at all, to be ideally blunt.”
He told Sky’s Ian King Live programme: “I consider that some of the expectations which this administration has speedy people to have about what can be delivered by the Brexit routine are a little bit unrealistic, in terms of what the whole routine can broach and how fast we can work by and actually be delivering the things we’ve pronounced we wish in terms of control of migration, control of the regulatory and authorised structures.
“The suspicion that we’re going to be means to pierce directly to that as we leave at some indicate in substantially Mar 2019, or maybe a little after, we consider we need to be flattering picturesque about realising that this is substantially going to finish up being a some-more phased and light routine than much of the discuss has suggested so far.”
His difference come as Theresa May visits Brussels for her first European limit given winning the election a few weeks ago, despite with reduction credit after unwell to win adequate seats to oversee alone.
Mr Barr, whose bank employs some-more than 14,000 people in the UK, pronounced that this change in position for the Prime Minister could prompt regard from the EU’s negotiators.
It would not, in the end, change the way in which they proceed the talks, however.
He said: “I’m not assured that the EU’s position had a lot of coherence built into it formed on either Theresa May had a big infancy or not.
“I consider there’s now a regard on the EU side that the people on the other side of the table, as it were, may change and may wish to revisit things which had formerly been agreed.
“But we don’t consider it was ever the case that a quite big infancy would have really cut a lot of ice in terms of changing how the EU was observation this Brexit traffic process.
“I consider it was always the case that the EU has a transparent perspective about what it wants to grasp – it knows the timelines it thinks it’s operative to and eventually we consider the EU has suspicion that, while there was some room to exchange at the margins, the UK was eventually going to have to align with its perspective of the routine rather than being means to levy it itself.”
He pronounced the UK now relies on the EU to set the horizon for some-more than 30 regulatory agencies, which will now have to be replaced, but there was no “well-defined singular document… that maps out how we consider those regulatory agencies in the UK are going to work”.
Mr Barr added: “It is ideally reasonable for the EU to be asking the UK: What is it you wish to do in those spaces? How are those systems in the UK going to work?
“Those things just don’t exist at the moment.
“It’s in that honour that we go into the negotiations maybe looking significantly reduction good prepared than we competence design to.”