By Ranjan Balakumaran

John McDonnell has warned that a post-Brexit deal that prioritises banking above all other sectors will cause uproar across the country.

The Shadow Chancellor was reacting to a suggestion that Britain may be forced to leave the Single Market entirely but pay for the right to have its financial services regulatory regime recognised by the European Commission — also known as ‘passporting’. 

Describing the Conservative approach to Brexit negotiations as ‘chaotic’ in an interview with Real Media, Mr McDonnell said;

“Can you imagine what the reaction in the country will be to that. If you’re working in the manufacturing sector, or in other service sectors in this country that operate within Europe as well, can you imagine their reaction that here’s the government doing a deal for one sector and not for the rest. And the rest of country are having to pay for the special treatment of that sector. I think there’ll be uproar. The government’s got to be comprehensive in its negotiations. If it has to be sector by sector, it cannot exclude individual sectors and it cannot give preferential treatment to one or the other.” 

When asked what would happen if the government were to try and push through such a deal, Mr McDonnell said, “I think there’ll be anger. I think there’ll be real anger and people will reject the eventual deal.

Full interview available later this week on Real Media.